LOCAL HOME SALES JUMPED 15 PERCENT IN MAY

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June 12, 2013 (San Diego) – Local home sales were strong in May and median prices continued to rise steadily, according to the latest housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

Detached home sales increased 15 percent in May compared to April, and about 10 percent from last year. Properties also continued to be scooped up fast, with an average of only 54 days on the market. The median price of detached homes increased to $466,000 in May. That’s up 4 percent from the previous month, and 22 percent from May of 2012. The median price of attached properties was up nearly 6 percent from April, and 33 percent from a year ago. Condos and townhomes surpassed the $300,000 median price, which, according to SDAR’s statistics, hasn’t been topped since March 2008.

“The market trends we’re seeing in San Diego, fueled by high demand and tight inventory, are surfacing elsewhere in California and across the country,” said Linda Lee, SDAR’s Board President. “San Diego, Los Angeles and Orange County are leading the way because Southern California will always be the place to be. I’m encouraged by the new numbers and I expect we will see more growth as more people get back to work and listings grow.”

The strengthening of the market is apparent across San Diego County, particularly in Chula Vista, El Cajon, La Mesa, Carlsbad, Oceanside, Escondido and Rancho Bernardo. The zip codes with the most single-family sales in May: 92009/Carlsbad - 67; 92064/Poway - 62; 92128/Rancho Bernardo - 61; 92130/Carmel Valley - 60; and 92026/Escondido - 58.

The most expensive San Diego County listing sold last month: A 6-bedroom, 8-bath, 11,098-square-foot La Jolla home that sold for $8.8 million.

SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. Here is a summary:

MEDIAN SALES PRICE Comparing May 2013 to April 2013

Single-Family: 4 percent INCREASE

May 2013 = $466,000

April 2013 = $450,000

Condos/Townhomes: 6 percent INCREASE

May 2013 = $305,500

April 2013 = $288,500

MEDIAN SALES PRICE Comparing May 2013 to May 2012

Single-Family: 22 percent INCREASE

May 2013 = $466,000

May 2012 = $380,000

Condos/Townhomes: 33 percent INCREASE

May 2013 = $305,500

May 2012 = $230,000

TOTAL SOLD LISTINGS Comparing May 2013 to April 2013

Single-Family: 15 percent INCREASE

May 2013 = 2,422

April 2013 = 2,097

Condos/Townhomes: 14 percent INCREASE

May 2013 = 1,023

April 2013 = 895

TOTAL SOLD LISTINGS Comparing May 2013 to May 2012

Single-family: 10 percent INCREASE

May 2013 = 2,422

May 2012 = 2,198

Condos/Townhomes: 10 percent INCREASE

May 2013 = 1,023

May 2012 = 933