Market Update | Prices & Sales Continue Rising

posted on January 6th, 2017 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

1-6-17Prices of both homes and condos were up in November.

The median price for single-family, re-sale homes and condos was higher than the year before for the fifty-fourth month in a row.

Home sales were up for the fourth month in a row and are up 1.9% year-to-date.

Inventory, or the lack thereof, is keeping prices up. In November, there were only 4,494 active home listings. The average since January 2001 is 8,660.

With NIMBYism rampant in San Diego County, witness the voting down of the Lilac Hills project, which would have built 1,746 new homes in Valley Center, the outlook for new construction is grim.

NOVEMBER SALES STATISTICS

SINGLE-FAMILY HOMES

Year-Over-Year

• Median home prices increased by 4.8% year-over-year to $549,700 from $524,750.

• The average home sales price rose by 3.8% year-over-year to $699,552 from $674,046.

• Home sales rose by 21.8% year-over-year to 1,876 from 1,540.

• Total inventory_ fell 8.5% year-over-year to 7,345 from 8,025. • Sales price vs. list price ratio rose by 0.1% year-over-year to 97.9% from 97.8%.

• The average days on market fell by 8.1% year-over-year to 41 from 45.

Month-Over-Month

• Median home prices slipped by 2.1% to $549,700 from $561,500.

• The average home sales price fell by 1.1% to $699,552 from $707,091.

• Home sales down by 9.8% to 1,876 from 2,079.

• Total inventory_ dropped 11.4% to 7,345 from 8,288.

• Sales price vs. list price ratio dropped by 0.1% to 97.9% from 98.0%.

• The average days on market increased by 4.4% to 41 from 39.

CONDOMINIUMS

Year-Over-Year

• Median condo prices increased by 11.6% year-over-year to $381,000 from $341,500.

• The average condo sales price rose by 9.7% year-over-year to $457,937 from $417,495.

• Condo sales rose by 17.7% year-over-year to 763 from 648.

• Total inventory_ fell 24.9% year-over-year to 2,147 from 2,860.

• Sales price vs. list price ratio rose by 0.4% year-over-year to 98.3% from 97.9%.

The average days on market fell by 20% year-over-year to 34 from 43.

Month-Over-Month

• Median condo prices slipped by 2.9% to $381,000 from $392,500.

• The average condo sales price fell by 2.7% to $457,937 from $470,882.

• Condo sales down by 9.8% to 763 from 846.

• Total inventory_ dropped 14.8% to 2,147 from 2,520.

• Sales price vs. list price ratio dropped by 0.2% to 98.3% from 98.5%.

• The average days on market increased by 0.2% to 34 from 34.

posted by Jeff DeChamplain

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Jeff DeChamplain