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Existing Home sales in San Diego Increase for Feb 2013

Existing Home sales in San Diego Increase for Feb 2013

Figures released by the San Diego Association of Realtors show that both attached homes and detached homes saw an increase in sales volume, Average Sales price as well as Median price in February 2013 as compared to same time last year.

Home sales in San Diego of detached propertiesreported a total sales volume in February 2013 of $787,093,892. That is an increase of over 14.9% as compared to total sales volume of detached homes in San Diego February 2012.

Average Sales price of detached homes sold in San Diego February 2013

$521,946

Average Sales Price of detached homes sold in San Diego February 2012

$455,184

Improvement in Average Sales price of detached homes sold in San Diego

14.667%

 

 

Median* Sales Price of detached homes sold in San Diego February 2013

$410,000

Median* Sales Price of detached homes sold in San Diego February 2012

$360,000

Improvement in Median*Sales price of detached homes sold in San Diego

13.88%

*The median home price is the price where half of the homes sold for more and half sold

for less. It is a more typical price measure than average, which can be skewed high by a relative handful of million-dollar plus transactions.

 

 

Attached properties (condos, townhomes etc) also experienced an increase.  Figures for existing home sales of attached properties sold in February 2013 were up 28.3% to $238,742,755 as compared to February 2012.

Average Sales price of attached homes sold in San Diego February 2013

$313,311

Average Sales Price of attached homes sold in San Diego February 2012

$248,320

Improvement in Average Sales price of attached homes sold in San Diego

26.172%

 

 

Median* Sales Price of attached homes sold in San Diego February 2013

$250,000

Median* Sales Price of attached homes sold in San Diego February 2012

$198,500

Improvement in Median*Sales price of attached homes sold in San Diego

25.940%

*The median home price is the price where half of the homes sold for more and half sold

for less. It is a more typical price measure than average, which can be skewed high by a relative handful of million-dollar plus transactions.

 

 

In addition, properties were on the market for less days in February 2013 as compared to February 2012. Attached homes sold February 2013 were on the market In average 74 days as compared to 101 days for attached homes sold in San Diego February 2012.  Detached homes sold in San Diego February 2013 were on the market an average of 70 days as compared to 90 days in February 2012.

 Another sign of the faster moving market is the continued decrease in inventory of homes for Sale in San Diego County.  The photo below illustrates the decrease in active listings from March 2012 until March 2013, clearly showing why so many buyers are having difficulty finding suitable properties.

Homes for Sale in San Diego County

Will the recovery continue? Or will the lack of inventory stall the market?

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