George's real estate newsletter

San Diego Market Commentary in September of 2020

DETACHED HOMES: 
The average sales price for single-family, re-sale homes rose 13% year-over-year to set a new record high for the second month in a row. The median sales price for single-family, re-sale homes set a new record high for the third month in a row, rising 13.2% year-over-year. That is the eleventh month in a row the median sales price has been higher than the year before.

Sales of single-family, re-sale homes in San Diego County were up 5.5% year-over-year. Inventory fell 22% year-over-year. As of the 10th of September, there were 2,163 homes for sale, compared to an average of 7,739. Days on Market, 31 days. The average since January 2001 is 57. The sales price to list price ratio was 99.9%, 95% to indicate a balanced market. We are in a Hot Seller's Market. 

CONDOS:
The median sales price for re-sale condos was up 8.9% year-over-year. It also set a new record high for the third month in a row. The average sales price for condos also set a new high last month. It was up 7.4% from last August. The sales price to list price ratio for condos was 99.6% last month.

Condo sales were up 7.6% over last August. Condos are selling in 37 days, the average is 57 days. Inventory was up for the twentieth month in a row. It rose 16.4% year-over-year. As of the 10th of September, there were 1,420 condos for sale. Days of Inventory now stands at 36. The average is 123.

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