The overall median home price in San Diego County increased by more than 20 percent in 2004, ending the year at $459,000, based on 60,886 total transactions last year, according to DataQuick Information Systems, a San Diego-based real estate information service. In 2003, the median price for the year was $379,000, based on 59,526 transactions.
In December, the median price for all homes, which represents the midpoint of all sales, stood at $491,000, a record for San Diego County and a 21.2 percent increase from December 2003, according to DataQuick.
Most notable was the $103,000 month-to-month increase in the price of single-family resale homes, a category that represents nearly half the total market, in December. The median price of these homes reached a record $498,000 in San Diego County. The median price for all new homes in the county, which includes newly built single-family homes, new condominiums and condo conversions in 2004, was $482,000, representing a 5.7 percent gain from 2003, according to published reports.
When asked for the most remarkable trend of 2004, DataQuick analyst John Karevoll said, “We were most surprised by the strength of the overall market, which outperformed all forecasts, both in terms of total sales and price appreciation during the year.”