There’s a lot to smile about when we look at housing statistics for the first half of 2015. Sales of existing homes jumped 7 percent in June compared to the previous month. Compared to June of last year, sales of previously owned single-family homes sales are nearly 11 percent higher, and sales of condos/townhomes shot up 20 percent from June of 2014.
Median home prices are also on the rise across the board. The median single-family home price was up over 4 percent in June ($547,500), compared to May, and the price of condos and townhomes also rose by nearly 2 percent, month over month ($354,000).
Active listings on the Multiple Listing Service (MLS) have reached the 7,000 mark. However, the housing stock remains at about 2.6 months. (Five to six months is considered a healthy inventory level.) Also, homes are being scooped up an an astonishing rate, averaging about 34 days from listing to close of escrow.
June’s market statistics are very encouraging. Inventory is probably the only factor reining in the market right now. With so few new homes being built, potential sellers only need to look at these statistics to see that buyers are virtually waiting at their doorstep.
In June, the zip codes in San Diego County with the most single-family sales were:
- 92057 (Oceanside North) with 74
- 92056 (Oceanside East) with 69
- 92028 (Fallbrook) with 67
- 92127 (Rancho Bernardo West) with 65
- 92128 (Rancho Bernardo East) with 60
The most expensive listing sold in the county in June was a 5-bedroom, 5-bath, 3,000 square foot oceanfront home in La Jolla, built in 2011, with a sales price of $11.5 million.
We are halfway through 2015, but it is still just intermission at this point of the year. Forecasting market trends can be difficult, but with interest rates managing to remain low into the summer months, the outlook is very promising. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch for the remainder of the year. To read all of the June market reports per zip code, visit San Diego Housing Trends.
Article courtesy of 2015 SDAR Chris Anderson.