A drop in home sales during November reflects a seasonal decline heading into the holiday season, according to new housing statistics from the Greater San Diego Association of Realtors.
Single-family home sales were down nearly 22 percent from October, and about 14 percent from November 2013. Similarly, condos and townhome sales were down about 19 percent from October, and nearly 11 percent from November 2013. In South San Marcos, single-family home sales were down nearly 26% from November last year, whereas condo townhome sales are up 33%. Locally in Santa Fe Hills, single-family home sales increased nearly 6% from last November.
The median price of single-family homes in San Diego County was down over 1 percent from a month ago, while condos and townhomes saw a dip of almost 4 percent. Compared to the same month last year, the median price of all resale properties is up almost 5%. The median price of South San Marcos ($483,500) is an increase of almost 2% from last November. Similarly, the median price of single-family homes in Santa Fe Hills ($505,000) shows an increase of over 4% from last year.
According to SDAR 2014 President Leslie Kilpatrick, there was more activity last year from investors and distressed properties, but we’re now returning to a normal market.. Inventory has been about the same, with homes staying on the market about 45 days.
Total listings on the Multiple Listing Service in San Diego County last month were about 7,300, representing about 3 1/2 months of housing stock, which means the market is still weighted to sellers.
SDAR President Leslie Kilpatrick said while the latest numbers show a seasonal slowing, prices and inventory levels have stabilized, interest rates are still low, and houses continue to sell quickly.
“While we are experiencing some typical seasonal slowing, housing prices and inventory levels have stabilized, interest rates remain low and homes continue to sell quickly,” said Leslie Kilpatrick. “Opportunities exist in every market, and current conditions have been a plus for first-time buyers and people returning to the market.”