The Greater San Diego Association of REALTORS® (SDAR) announced yesterday an increase of median prices of single-family homes with 12.7% in October 2012, compared to the same month last year. However, median sales prices decreased 1.2% in October 2012 compared to September 2012, from $405,000 to $400,000.
Prices for condos and townhomes in October 2012 recorded an 18.6% increase compare to October 2011. On a month to month basis (September-October 2012) condos and townhouses recorded an increase of 2.5%.
Despite higher prices, sales are also up in October 2012 compared to October 2011: 34 percent for single family homes (total sold listings 2,071, compared to 1,546); and 18 percent for condos and townhomes (882 compared to 746).
“There’s really only positive, encouraging news in these new numbers,” SDAR Board President Donna Sanfilippo said in an official press release. “You can't help but feel good about what we're seeing in the San Diego County real estate market. Homes are moving and prices are increasing. If our recent First-Time Home Buyer Clinic is any indication, which turned into a standing-room only event, San Diego is becoming a real estate town again.”
SDAR’s housing statistics (*.pdf), based on the Multiple Listing Service of Sandicor, Inc., give a more indepth understanding of the trends, complete with total sales volume on a year-to-year basis in San Diego, as well as sold listings by property type, neighborhoods and so on.