San Diego housing statistics: home prices, home sales and inventory
It's no secret that San Diego has a hot housing market right now. In fact, some people looking at homes for sale in San Diego might say that the market is too hot. With recent coverage on San Diego real estate coming in from different industry organizations, here is the breakdown of what you need to know about present market conditions.
Home prices and sales rise
A recent article in The Wall Street Journal cited new industry data that showed the median price of single-family homes in San Diego County up 13 percent over last year at $400,000. The data also indicated that the median price for San Diego County condos and town homes in October was 19 percent higher than it was in October 2011.
The source additionally revealed that the San Diego housing market continues to see good news as sales of existing homes increased in October. The data indicated that single-family home sales increased by 10 percent in October when compared to September. Sales of existing condos and town homes showed a 6 percent increase as well. Looking at the data in comparison to October 2011, single-family home sales increased by 34 percent, while sales of existing condos and town homes increased 18 percent over the same period.
"There's really only positive, encouraging news in these new numbers," said industry professional Donna Sanfilippo. "You can't help but feel good about what we're seeing in the San Diego County real estate market. Homes are moving and prices are increasing."
Low housing inventory
If you are investigating real estate in San Diego, it might come as no surprise that there has been a significant amount of news surrounding the area's low housing supply. Real estate journalist Lily Leung explored the low inventory of homes in a recent article in the San Diego Union-Tribune.
"You'll often hear this from real estate agents and researchers: The housing supply in San Diego County has fallen drastically during the past two years," Leung wrote. "The main reasons for the significant drop in local listings include a decrease in foreclosure stock and negative equity among folks who'd typically put their homes on the market."
Leung explained that listings have dropped from roughly 13,000 in mid 2010 to October 2012's low of 5,312 homes listed for sale.
Homebuyers face a tight market
In another recent article in the San Diego Union-Tribune, Leung detailed how San Diego homebuyers are faring in such a restricted market. She shared a story from local house hunters Ashley and Brian Standing, who have been looking for a home for over a year.
"It's been insane," Brian said to the source. "When we first got into the market, there was still more inventory. I don't know if at the beginning we were more picky as far as putting in offers. But over the last nine months, we've been operating as not-as picky."
The low inventory in San Diego has created a situation where homebuyers have been submitting multiple bids on a home in efforts to outbid the other. This new trend can be seen as beneficial to the local market, as the competition continues to drive prices up. The source revealed that many sellers are entirely satisfied with the local market. The new norm has become homes spending an ever-decreasing amount of time on the market for sale.
"It's just comfortable," said local long-time homebuilder Bill Davidson to the Union-Tribune. "It's a healthy market for buyers and the builder as the economy improves."