San Diego Real Estate Inventory at Highest Level in Eleven Years

 

San Diego Real Estate Trends June 2014

 

 

Active listings of single-family, re-sale homes reached their highest level since July 2003. The number of homes on the market was up 28.1% year-over-year.

See a full San Diego Real Estate Market Report.

  • Pending sales were up 17.6% compared to last May. This after fourteen months of year-over-year declines.
  • Home sales were down 11.2% from April, which is highly unusual. They were off 25.5% year-over-year.
  • We may be entering a period of buyers’ fatigue where the market flattens out for a while.

San_Diego_Real_Estate_Market_TrendsOf course, increasing inventory will start putting some downward pressure on prices.

June and July are typically the months with the most sales, so stay tuned for those numbers.

Foreclosure sales and short sales effect on the market continues to diminish.

  • There were only fifty foreclosure sales last month, down 59.7% from last May. Short sales were down 74.7% year-over-year. There were forty-five short sales.
  • Active foreclosures and short sale properties are lower than the year before.
  • There are 150 active bank-owned properties on the market. There were 173 last May.
  • Active short sales are down 59.5% from 798 to 323.
  • The plunge in active short sales may be due to the banks deciding it’s more profitable to just foreclose.

May Market Statistics

Year-Over-Year

Median home prices increased by 3.3% year-over-year to $465,000 from $450,000.

The average home sales price dropped by 1.1% year-over-year to $571,374 from $577,614.

Home sales fell by 25.5% year-over-year to 2,026 from 2,719.

Total inventory, which includes active and pending listings, rose 24.4% year-over-year to 11,760 from 9,450.

Sales price vs. list price ratio fell by 1.3% year-over-year to 97.9% from 99.2%.

The average days on market fell by 16.9% year-over-year to 41 from 49.

Compared To Last Month

  • Median home prices slipped by 1.1% to $465,000 from $470,000.
  • The average home sales price fell by 5.6% to $571,374 from $605,403.
  • Home sales Down by 11.2% to 2,026 from 2,282.
  • Total inventory increased 23.8% to 11,760 from 9,501.
  • Sales price vs. list price ratio increased by 0.1% to 97.9% from 97.8%.
  • The average days on market dropped by 13.9% to 41 from 47.

 

Summary
Article Name
San Diego Real Estate Inventory at Highest Level in Eleven Years
Description
Active listings of single-family, re-sale homes reached their highest level since July 2003. The number of homes on the market was up 28.1% year-over-year. See a full San Diego Real Estate Market Report.
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