Market Update | Condo Prices Set New Highs in February

posted on March 21st, 2017 | filed under: Buying Strategies, Market Update, NoCo SD Market Conditions, Uncategorized

Both the median and average prices for condos set new all-time highs in February. It was also the fifty-seventh month in a row the median price has been higher than the year before. The median price for single-family, re-sale homes was higher, year-over-year, for the fifty-seventh month in a row. Home sales eked out 0.5% gain compared to last February. Condo sales, on the other hand, were just over one-third the monthly average since January 2001. The inventory of actively listed single-family, re-sales homes in San Diego County continues to define the market. There were 3,587 homes for sale as of March 10th. The average number of homes for sale each month since January 2001 is almost 8,582. Days of Inventory, or how long it would take to sell all the homes on the market at the current rate of sales is sixty days. The average in San Diego County 146 days.

The sales price to list price ratio jumped to its highest level since last July: 98.2%.

New Housing Law for Teachers as we wrote about several months ago, the inability of people who serve the community to afford to live here has a deleterious effect on the community. Last fall, Governor Brown signed the “Teacher Housing Act of 2016” to make it easier for school districts to provide affordable housing for their employees. Authored by Mark Leno, the former Democratic state senator from San Francisco, the law gives districts explicit permission to set aside housing exclusively for its employees and, crucially, to take advantage of state and federal tax credits to develop these projects. Under prior law, projects that make use of these low-income housing subsidies had to be open to all tenants who met the income guidelines, to prevent public funds from subsidizing housing discrimination. The new law makes an exception for teachers and district employees.

FEBRUARY SALES STATISTICS SINGLE-FAMILY HOMES

Year-Over-Year

  • Median home prices increased by 5.8% to $545,000 from $515,000.
  • The average home sales price rose by 5.7% to $701,486 from $663,939.
  • Home sales rose by 0.5% to 1,459 from 1,452
  • Total inventory fell 17.4% to 6,513 from 7,885.
  • Sales price vs. list price ratio rose by 0.6% to 98.2% from 97.6%.
  • The average days on market fell by 12.5% to 42 from 48.

Month-Over-Month

  • Median home prices were flat at $545,000.
  • The average home sales price rose by 3.4% to $701,486 from $678,676.
  • Home sales up by 5.9% to 1,459 from 1,378.
  • Total inventory increased 4.1% to 6,513 from 6,256.
  • Sales price vs. list price ratio increased by 0.3% to 98.2% from 97.9%.
  • The average days on market dropped by 9.3% to 42 from 46.

CONDOMINIUMS

Year-Over-Year

  • Median condo prices increased by 11.3% to $395,000 from $355,000.
  • The average condo sales price rose by 13.6% to $472,874 from $416,190.
  • Condo sales fell by 16.1% to 568 from 677.
  • Total inventory fell 21.6% to 2,115 from 2,697.
  • Sales price vs. list price ratio rose by 1.0% to 99.0% from 98.1%.
  • The average days on market fell by 15% to 35 from 41.

Month-Over-Month

  • Median condo prices improved by 1.5% to $395,000 from $389,000.
  • The average condo sales price rose by 5.1% to $472,874 from $449,757.
  • Condo sales up by 7.4% to 568 from 529.
  • Total inventory increased 11.4% to 2,115 from 1,899.
  • Sales price vs. list price ratio increased by 0.7% to 99.0% from 98.4%.
  • The average days on market dropped by 6.5% to 35 from 37.

Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

posted by Jeff DeChamplain

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Jeff DeChamplain