Real Estate Report presented by Neal Hribar

After setting new highs in August, sales prices

for single-family, re-sale homes in San Diego County dipped in September. Then in October, the average sales price set a new high. It was up 10.2% year-over-year. The median price gained 5%.

The median sales price for re-sale condominiums dipped from September, but it was up 3.3% year-over-year, while the average price gained 1.8%.

That’s seventy-seven months in a row the median price for both homes and condos has been higher than the year before.

Home sales, meanwhile, were down 12.7% from last September. Condo sales were down 10.2%.

Year-to-date, home sales are off –11.1%, and condos are down –8.7%.

Homes continue to sell quickly, taking only forty days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in thirty-two days, the average is fifty-five days.

The sales price to listing price ratio dropped to 97.8%. That is the lowest it has been since December 2016. The ratio for condos was 98.6%.

Inventory continues to be abysmal. It is just over one-half the average since 2001. As of the 10th of December, there were 4,711 homes for sale. We average 8,515!

Condo inventory is at 1,906 units for sale. The average is 3,460.

This is reflected in our Days of Inventory statistic which is eighty-two for homes. The average is one-hundred and forty-four.

There are sixty-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.