Median Price of All Resale Homes Rose 8 Percent During 2012 and Sales Were up 12 Percent, According to New Statistics from the Greater San Diego Association of REALTORS®

Home sales were strongest in Chula Vista in December, where 200 homes were sold

SAN DIEGO--(BUSINESS WIRE)--Home prices continue to climb and 2012 turned out to be an excellent year, according to the most recent local housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

“The momentum carried into December, giving us a strong finish to 2012. I firmly believe San Diego’s real estate market will continue to rebound in 2013. The extension of the Mortgage Debt Relief Act, and these latest batch of numbers, tells me it’s going to be a great year!”

The December median price of single-family homes in San Diego County was $418,500, a rise of 3 percent from the previous month and nearly 18 percent higher than December 2011. The median price of condos and townhomes in December ($253,000) was down slightly from November, but is 23 percent higher than the same time last year. Comparing 2012 to 2011 shows the median price up more than 5 percent for single-family homes and more than 11 percent for condos and townhomes, reflecting an 8 percent year-over-year rise across the board.

The number of sales of existing homes increased in December despite record-low inventory. Single-family home sales increased 11 percent from the previous month and condos/townhome sales were up 7 percent. The year-over-year comparison shows 2012 sales were up 12 percent compared to 2011.

Home sales were strongest in Chula Vista in December, where a total of 200 homes were sold in the following zip codes: 91910, 91911, 91913, 91914, 91915. The hottest individual zip codes were: 91977 (Spring Valley) 60 sold listings; 91913 (Chula Vista) 59 sold listings; and 92057 (Oceanside) 54 sold listings.

The most expensive listing sold in December: $7.4 million – a 4-bedroom, 4-bath, 3,836 square-foot La Jolla home.

“I’m extremely encouraged by these numbers,” said 2013 SDAR Board President Linda Lee. “The momentum carried into December, giving us a strong finish to 2012. I firmly believe San Diego’s real estate market will continue to rebound in 2013. The extension of the Mortgage Debt Relief Act, and these latest batch of numbers, tells me it’s going to be a great year!”

SDAR’s housing statistics are compiled from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

HIGHLIGHTS OF THE LATEST HOUSING STATISTICS:

MEDIAN SALES PRICE Comparing December 2012 to November 2012

• Single-Family: 3% INCREASE
  December 2012 = $418,500
  November 2012 = $408,000

• Condos/Townhomes: 3% DECREASE
  December 2012 = $253,000
  November 2012 = $260,000

MEDIAN SALES PRICE Comparing December 2012 to December 2011

• Single-Family: 18% INCREASE
  December 2012 = $418,000
  December 2011 = $355,000

• Condos/Townhomes: 23% INCREASE
  December 2012 = $253,000
  December 2011 = $205,000

TOTAL SOLD LISTINGS Comparing December 2012 to November 2012

• Single-Family: 11% INCREASE
  December 2012 = 2,004
  November 2012 = 1,813

• Condos/Townhomes: 7% INCREASE
  December 2012 = 897
  November 2012 = 842

TOTAL SOLD LISTINGS Comparing December 2012 to December 2011

• Single-family: 10% INCREASE
  December 2012 = 2,004
  December 2011 = 1,822

• Condos/Townhomes: 5% INCREASE
  December 2012 = 897
  December 2011 = 858

With roughly 12,000 members, the Greater San Diego Association of REALTORS^® is the largest trade association in the county. Our REALTORS^® adhere to a code of ethics and professional standards above and beyond the norm. We help our members sell more homes. We help people realize the dream of home ownership. And we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.