Local Home Prices Are Up 12 Percent, According to New Statistics from the Greater San Diego Association of REALTORS®

Homes also are selling faster than they did a year ago

SAN DIEGO--()--Although home sales saw a seasonal drop in January, prices remain higher than they were a year ago, according to the most recent local housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

In San Diego County, the median price of previously owned single-family homes was $390,000 last month – lower than the previous month but 12 percent higher than a year ago. The median price of existing condos and townhomes in January 2013 also slid back from the previous month, but were 17 percent higher than January 2012.

Sales of existing homes dropped in January compared to December, which is not surprising and considered a seasonal after-the-holidays slump. However, sales were higher than the previous January: 15 percent for single-family homes and 8 percent for condos/townhomes. Another positive sign for the local real estate market: the average number of days previously owned homes remained on the market fell by 25 days when compared to January 2012.

Home sales were once again strongest in Chula Vista, where 137 single-family homes were sold in the 91910, 91911, 91913, 91914, and 91915 zip codes last month. The zip codes with the most single-family sales in January were: 92071/Santee - 45 sold listings; 92026/Escondido - 43 sold listings; 92028/Fallbrook - 43 sold listings; 92114/Encanto - 43 sold listings; and 92057/Oceanside - 42 sold listings.

The most expensive San Diego County listing sold last month: $6.995 million for a 5-bedroom, 5-bath 9,605 square-foot home in Rancho Santa Fe.

“I firmly believe 2013 is going to be a great year for real estate, and I’m really pleased to see signs of that in these numbers,” said Linda Lee, SDAR’s Board President. “Interest rates remain extremely low and more inventory is entering the market. It’s an encouraging time.”

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:

MEDIAN SALES PRICE Comparing January 2013 to December 2012

  • Single-Family: 7 percent DECREASE
    January 2013 = $390,000
    December 2012 = $418,000
  • Condos/Townhomes: 3 percent DECREASE
    January 2013 = $245,000
    December 2012 = $253,000

MEDIAN SALES PRICE Comparing January 2013 to January 2012

  • Single-Family: 12 percent INCREASE
    January 2013 = $390,000
    January 2012 = $349,000
  • Condos/Townhomes: 17 percent INCREASE
    January 2013 = $245,000
    January 2012 = $210,000

TOTAL SOLD LISTINGS Comparing January 2013 to December 2012

  • Single-Family: 22 percent DECREASE
    January 2013 = 1,559
    December 2012 = 2,004
  • Condos/Townhomes: 25 percent DECREASE
    January 2013 = 673
    December 2012 = 897

TOTAL SOLD LISTINGS Comparing January 2013 to January 2012

  • Single-family: 15 percent INCREASE
    January 2013 = 1,559
    January 2012 = 1,358
  • Condos/Townhomes: 8 percent INCREASE
    January 2013 = 673
    January 2012 = 626

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.

Contacts

Greater San Diego Association of REALTORS®
Stephanie Pac, 858-715-8003
spac@sdar.com
or
Tony Manolatos, 619-549-0137
amanolatos@gmail.com

Release Summary

Although home sales saw a seasonal drop in January, prices remain higher than a year ago, according to the most recent local housing statistics from the Greater San Diego Association of REALTORS.

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Contacts

Greater San Diego Association of REALTORS®
Stephanie Pac, 858-715-8003
spac@sdar.com
or
Tony Manolatos, 619-549-0137
amanolatos@gmail.com