San Diego Market Commentary - Median Sales Prices Set New Highs
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Both the median sales price for single-family, re-sale homes and condos set new all-time highs in June.
The median sales price for homes reached $665,000, a gain of 2.4% over last June. The median sales price for condos reached $444,000, a gain of 4.5% year-over-year.
(Click here) to see the interactive report
The average sales price for homes was up 1% over last June. The average sales price for condos was down 0.8%.
Home sales were down, year-over-year, for the second month in a row, dropping 14.6%.
Days on Market, or how long it took from when a home was listed for sale to when it went into escrow, was thirty-three last month. The average since January 2001 is fifty-seven days.
The sales price to list price ratio was 98.8%. The National Association of REALTORS® considers a ratio of 95% to indicate a balanced market.
Inventory continues to be abysmal, it increased, year-over-year, for twelve months in a row, but in June it fell 23.7%. As of the 10th of July, there were 3,203 homes for sale. We average 8,515!
This is reflected in our Days of Inventory statistic which is fifty for homes. The average is one-hundred and forty-four.
The sales price to list price ratio for condos was 98.9% last month.
Condo sales were down 19.4%. Condo sales have been lower than the year before twenty-three of the past twenty-four months.
Condos are selling in thirty-five days, the average is fifty-five days.
Condo inventory is at 1,349 units for sale. The average is 3,460.
There are forty-four Days of Inventory for condos. The average is one-hundred and thirty-two.
If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.