San Diego Housing Market Slowdown Imminent

According to a report released on December 9 by the San Diego Association of Realtors (SDAR), San Diego real estate market will slow even though the prices of homes will maintain a similar rate in which they were sold in 2012, according to an article in KPBS.org.

This year in October, the numbers faltered 11.3 percent of what was sold last year, while in November 2013, the total number – which stood at 1,609 single-family homes that were sold last month – were down an eye-popping 15.6 from November 2012.

A decreased figure of 761 attached homes in San Diego changed owners in November 2013, which was down from the prior year and month of last year. October’s numbers displayed a decrease of 9.6 percent.

Down 1.3 percent from October was the median asking price for a single-family home in San Diego which stood at $469,000 in November of this year. However, with the numbers recorded in November 2012, the cost of the San Diego real estate is 15 percent higher this year.

To this point, 11 months into 2013, the year registered a $455,000 in the median price. This figure is a jump to 20 percent higher than the first 11 months of 2012.

Houses weren’t the only one showing jumps in the median price. Condominiums and townhouses were increased 4.7 percent in November 2013, which was a price of $310,000. This rate for condos and townhouses is a surge of 19.2 percent since November 2012 according to the SDAR.

The year-over-year median price is a 30.5 percent rise in price, where the median price of an attached home is at $295,000 as compared to November 2012 and this year.

Out of 22,888 homes sold in the San Diego area in the first 11 months of this year, the figures are up a mere 0.5 percent as posted in the same span of time in 2012. Climbing 5.3 percent for the year-to-date, 10,779 condos and town homes were sold.

By Linda Moore

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