Active Listings Top 7,000 for First Time in Two Years, According to Greater San Diego Association of REALTORS(R)

Median Price Reaches $500,000 for First Time Since 2007

Marketwired

SAN DIEGO, CA--(Marketwired - Jun 9, 2014) - Housing prices and inventory increased in May while sales of previously owned homes in San Diego County retreated, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

The number of active listings in San Diego County on the Multiple Listing Service (MLS) surpassed 7,000 for the first time in two years, but homes are being snapped up fast than ever. Resale homes are only spending an average of 40 days on the market before close of escrow.

The median price of single-family resale homes reached the $500,000 mark in May, an increase of nearly 2 percent from April and a new high; the last time the median price was $500,000 was in November 2007. Condo and townhome prices edged up slightly to $335,000. Single-family detached homes saw a drop in sales of 14 percent in May from the previous month, while attached homes (condos and townhomes) fell by 26 percent.

"The market will experience month-to-month variances, but the housing market in San Diego remains strong," said SDAR 2014 President Leslie Kilpatrick. "More homes are on the market and buyers are scooping them up quickly. That's an encouraging sign."

In June, the zip codes in San Diego County with the most single-family home sales were: 92057 (Oceanside) with 56; 92027 (Escondido) with 52; 92130 (Carmel Valley) with 49; 92028 (Fallbrook) with 48; and 92009 (Carlsbad) with 48.

The most expensive San Diego County listing sold last month: A 6-bedroom, 7-bath, 7,228-square-foot home in Coronado that sold for $10.5 million.

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

MEDIAN SALES PRICE Comparing May 2014 to April 2014 

  • Single-Family: 2 percent INCREASE
    May 2014 = $ 500,000
    April 2014 = $ 491,000
  • Condos/Townhomes: 0.1 percent INCREASE
    May 2014 = $335,000
    April 2014 = $334,500

MEDIAN SALES PRICE Comparing May 2014 to May 2013 

  • Single-Family: 7 percent INCREASE
    May 2014 = $ 500,000
    May 2013 = $ 466,000
  • Condos/Townhomes: 10 percent INCREASE
    May 2014 = $ 335,000
    May 2013 = $ 305,500

TOTAL SOLD LISTINGS Comparing May 2014 to April 2014

  • Single-Family: 14 percent DECREASE
    May 2014 = 1,703
    April 2014 = 1,987 
  • Condos/Townhomes: 26 percent DECREASE
    May 2014 = 750
    April 2014 = 1,012

TOTAL SOLD LISTINGS Comparing May 2014 to May 2013 

  • Single-Family: 30 percent DECREASE
    May 2014 = 1,703
    May 2013 = 2,422
  • Condos/Townhomes: 27 percent DECREASE
    May 2014 = 750
    May 2013 = 1,023

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.

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