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.
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
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.