San Diego Business Journal

Housing Sales Are Moving Quickly on the Market

Thursday, April 18, 2013

Houses in San Diego are moving briskly, taking a median of 26.6 days to sell in March, or about half the time it took in March 2012, according to a recent report from the California Association of Realtors.

Statewide, home sales are taking a median of 29.4 days, down from 52.2 days a year earlier, the report said.

The big downside, of course, is there are not many houses on the market to purchase. Inventory in San Diego is down to a 3.3 month supply in March, compared with 5.1 month supply a year earlier, CAR said.

And with fewer houses, the median price continues rising. The median here in March was $436,710, up 20 percent from the median in March 2012. Statewide the median price for a single family house was nearly $379,000 in March, up 28 percent over the previous year.

Zip Realty, an Emeryville research firm, reports slightly different data. San Diego’s median sales price in March was $375,000, up 19 percent from March 2012.

The total inventory available here in March was 4,070 units, down from 9,359 units in March 2012.

The median days on the market for a San Diego house to sell was 25, compared with 53 days about one year ago, ZipRealty said.

Meanwhile, Carlsbad real estate agent Rick Ungar said inventory as of early April in San Diego County is down to 3,120 detached houses and 1,113 condos for a total of 4,233 units.

But those numbers don’t include houses that were under contract so there’s really less than a two-month supply of houses on the market now, Ungar said.

The situation is prompting more bidding wars and higher prices.

“One of my clients faced 18 competing offers for a property that was on the market only a few days. That unit eventually went to a buyer who agreed to pay about 8 percent above the listing price,” he said.

— Mike Allen