Pickup in Sales in December Tempered by Inventory Shortage

/EINPresswire.com/ -- SAN DIEGO, CA--(Marketwired - January 08, 2016) - Prices of previously owned homes sold in San Diego County rose by 6 percent during 2015, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR). 

That increase is a strong indicator of a healthy San Diego housing market, although the low inventory of homes for sale is tempering the outlook for buyers in the coming year. (The median price increase for the year 2014 was 9 percent, and for 2013 it was 20 percent.) At year-end 2015, the median price of single-family homes was $539,000, and the price for condominiums and townhomes was nearly $360,000.

Closings on properties increased by about 16 percent in December compared to November, as more transactions came in under the wire. For the year, sales of single-family homes are were up nearly 7 percent compared to 2014, and condos/townhome sales were almost 10 percent higher than in 2014.

The supply of resale homes on the market in San Diego fell below two months (five to six months is considered a healthy level). Homes that sold in the county were on the market for an average of 40 days.

"I think 2015 overall was a strong year for local real estate," said SDAR's 2016 President Cory Shepard. "Mortgage interest rates will probably rise slightly this year, but should stay near their historically low rates. I'm hopeful that growth in all areas of the economy, combined with moderate price increases in 2015 and 2016, will sustain affordability and encourage more sellers and buyers to consider their prospects for the move-up market in San Diego."

In December, the zip codes in San Diego County with the most single-family sales were:

• 92028 (Fallbrook) with 53
• 92057 (Oceanside North) with 49
• 92178 (Rancho Bernardo West) with 44
• 92009 (Carlsbad Southeast) with 40
• 92071 (Santee) with 38

The most expensive listing sold in the county in December was a 11-bedroom, 12-bath, 16.700-square-foot home in the Village of La Jolla, built in 1985, with a sale price of $9 million.

SDAR's housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

MEDIAN SALES PRICE Comparing December 2015 to November 2015 (month over month)

• Single-Family: 1 percent INCREASE

December 2015 = $539,000

November 2015 = $535,000

• Condos/Townhomes: 6 percent INCREASE

December 2015 = $359,750

November 2015 = $339,500

MEDIAN SALES PRICE Comparing December 2015 to December 2014 (year over year)

• Single-Family: 9 percent INCREASE

December 2015 = $539,000

December 2014 = $495,000

• Condos/Townhomes: 10 percent INCREASE

December 2015 = $359,750

December 2014 = $326,000

TOTAL SOLD LISTINGS Comparing December 2015 to November 2015 (month over month)

• Single-Family: 16 percent INCREASE

December 2015 = 1,715

November 2015 = 1,483

• Condos/Townhomes: 17 percent INCREASE

December 2015 = 919

November 2015 = 783

TOTAL SOLD LISTINGS Comparing December 2015 to December 2014 (year over year)

• Single-Family: 9 percent DECREASE

December 2015 = 1,715

December 2014 = 1,879

• Condos/Townhomes: UNCHANGED

December 2015 = 919

December 2014 = 916

With more than 12,000 members, the  Greater San Diego Association of REALTORS® is the largest trade association in the county. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also 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:

Joanie Ewing
858.715.8010
jewing@sdar.com

Stephanie Pac
858.715.8003
spac@sdar.com

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