The most recent local housing statistics show median prices of resale properties continue to climb, according to the Greater San Diego Association of Realtors (SDAR).
The median price of single-family (detached) homes in San Diego County was $408,000 in November 2012, up 2 percent from the previous month and 17 percent higher than November 2011. November resales of condos and townhomes (attached properties) were up 6 percent from October and 27 percent higher than November 2011. Year to date, median prices of all existing properties are up 6 percent compared to 2011.
The number of sales of existing homes dropped in November as inventory remains at historic lows. Single-family home sales were down 13 percent from the previous month, and condos/townhomes sales were down 5 percent. However, the number of resales rose compared to a year ago, and year to date they are up 12 percent compared to 2011.
“The competition for resale homes is fierce because inventories are so low,” SDAR Board President Donna Sanfilippo said. “We’re seeing multiple offers on homes across the county and median prices are being driven up as a result. Sellers should take heart. The local real estate market simply needs more homeowners to take advantage of this extraordinary chance to move up to the home they’ve always wanted.”
SDAR’s housing statistics are compiled from the Multiple Listing Service (MLS).