Home resales volume slows in San Diego in October; prices still rising

The residential real estate market in San Diego County slowed down last month from October 2003, but median sales prices for listed homes still increased by the thousands. The median sales price for a listed detached home in San Diego County was $550,000 last month, a $119,000 increase over the same time period in 2003, according to the San Diego Association of Realtors.In the same time period, the median sales price for a listed attached home — $380,000 — increased by $98,000.

For both types of housing, the median sales price was $495,000, up from $380,000 in October 2003, based on sales figures through the Multiple Listing Service of Sandicor Inc.Properties remained longer on the market and fewer sold. San Diego Real estate professionals say this trend will continue.

What’s happening is the market is leveling. Prices just went crazy last year. An adjustment had to be made. It means there’s more product out there for the buyers, the buyers are still there, the interest rates are still low, the economy is good. It’s a good, strong balanced real estate market.”October’s total sales volume for listed attached and detached housing was $1.72 billion, a 1.62 percent increase over the same time period last year. The total sales volume for detached housing was $1.3 billion, up from $1.25 billion. For attached, the total sales volume dropped. In October 2004, it was $408 million, down from $441 million.

Year-to-date, total sales volume was $19.8 billion, a 19.93 percent increase over the same time period last year.Total sales volume for detached housing this year through October was $14.8 billion, up from $12 billion the previous year in the same time period.Year-to-date in the attached home market, total sales volume was $4.96 billion, more than a $1 billion increase from last year through October.

The number of properties sold last month — 2,928 — dropped 26.4 percent from October 2003. Detached home sales dropped to 1,980 from 2,347. A decrease in listed sales also was seen in the attached market. Last month, there were 948 sales, compared to 1,355 in October 2003.

The $1.5 million price tag for an El Cajon home dropped to $1.1 million. Another property dropped from $900,000 to $700,000.

Major put on the market a 2,600-square-foot-house sitting on 1 acre priced at $825,000. A house next door had sold for that amount. The house didn’t move.

They may have been overpriced in the first place but last spring this wouldn’t have happened.

Listed attached and detached homes remained an average of 41 days on the market, a 14.6 percent increase from the previous year’s 35-day average.

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