Real Estate Report presented by Tami McCraw

After setting new highs in August, sales prices

for single-family, re-sale homes in San Diego County dipped last month. The median price fell by 2.4%, while the average price dropped 0.2%.

Nevertheless, home prices were higher than the year before. The median price gained 6.5% and the average price rose 6.3%.

The median sales price for re-sale condominiums matched the record high set in July. It was up 5.9% year-over-year, while the average price gained 10%.

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

Home sales, meanwhile, were down 16.9% from last September. Condo sales were down 17.6%.

Year-to-date, home sales are off –10.9%, and condos are down –8.5%.

Homes continue to sell quickly, taking only thirty-four 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 days, the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.2%. The ratio for condos is 98.7%.

Inventory continues to be abysmal. It is just over one-half the average since 2001. As of the 10th of October, there were 4,6343 homes for sale. We average 8,515!

Condo inventory is at 1,946 units for sale. The average is 3,460.

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

There are seventy-one 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.