Updates on San Diego and California Real Estate Statistics

As usual, we have a lot going on at the San Diego Association of REALTORS.

We just released our February report on housing statistics, which shows signs the market continues its slow, but steady, turn around. Total sales listings continue to out pace last year at this time. Sales for attached units were up 44 percent and detached were up 51 percent from February 2008. We should note though that there was a slight decrease in sales from January to February, but an increase of 2.4 percent in the median price for detached homes.

Median pricing for attached homes seems to be rebounding as well. This month the median price only dropped 2.6 percent compared to last months drop of 5 percent. We hope to see an increase in this category soon as well.

Also interesting to note, homes are selling quicker than they were at this time last year. The current average time on the market is 76 days compared to last year’s 84 days.

To put the San Diego real estate market into a larger context, the California Association of REALTORS (C.A.R.) just recently released its January stats. The statewide numbers reflect similar trends to those in our local market. Home sales are up across California 100.8 percent, but median price has decreased (significantly more than in our local market) a substantial 40.5 percent. We don’t see this as an indication of what to expect in San Diego, but rather as a reflection of value. San Diego is typically a more expensive and in-demand market.

Sales are also happening quicker across the state. The average number of days on the market for homes in California is now 50 days compared with 70 days in 2008. Overall, it appears that on average, San Diego homes are on the market longer than in other places, but at a significantly higher median price - $335,000 compared to the state average of $254,350.

Also, included in the state’s report were the 10 cities with the highest median price in all of California. San Diego County’s own Encinitas made the list.

This month SDAR has been busy with much more than just crunching numbers. We have also launched our very own radio show on KOGO, called Real Estate Today. Our goal is to provide our listeners with all the resources and tools they need to make an educated decision when buying or selling a home. We will be discussing current legislation, mortgages, statistics and communities as well as interviewing a number of industry experts. Joining us on the show will be George Chamberlin. You can catch us on AM 600 KOGO on Sundays from 9 to 10 a.m.

Learn more real estate tips and stats at SDAR.com.

- Erik Weichelt, SDAR 2009 President