Several Signs Signal a Surge in Area Real Estate Markets

Inventory is down, prices are up and homes are spending less time on the market before selling.

It's taking less time to sell a house or condominium this fall compared to the same period last year, according to figures released by the San Diego Association of Realtors.

The 1,813 houses that sold last month in San Diego County were on the market for an average of 70 days, down from November 2011, according to the data.

The figures showed that the 842 attached homes – condos and townhouses – purchased in November were listed for 81 days, 20 fewer than the same month last year.

David Pederson of the association said the speed-up in sales is "significant, but relatively gradual." It's taken several days less almost every month over the past year to sell a property, resulting in the large annual decrease.

Inventory has also shrunk. The local real estate trade organization said there are fewer than than 5,000 active listings, compared to more than 9,000 in December 2011.

According to the association, the number of houses sold in November was 16.2 percent more than November 2011, and the median price of $408,000 was 16.6 percent higher.

The attached homes sold in November represented a 12.7 percent climb over the same month in 2011. The median price of a condo or townhouse was $260,000, up 28.6 percent from November last year.

For 2012 to date, 22,597 houses have been sold in San Diego County, a 16.7 percent increase over 2011. The median price in the first 11 months of this year was $380,000, a 4.1 percent uptick.

For attached residences, 10,135 have been sold so far in 2012, a hike of 3.8 percent. The $226,000 median price was a 9.4 percent jump.


– City News Service


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