The number of residential real estate sales in the region plummeted last month in the face of shrinking inventories, the San Diego Association of Realtors reported Monday.
In December, 1,781 single-family homes changed ownership in San Diego County, 8 percent fewer than in November and 11 percent below the level of December 2015.
The median sales price of a house last month was $572,190, up 2 percent from the prior month and 8 percent higher than the same period the previous year.
The plunge in sales was more pronounced for attached homes like condominiums and townhouses. SDAR data shows 859 condos changed hands in December, a 14 percent drop from November and a 21 percent drop from December 2015.
The median condo price last month was $367,000. That’s 1 percent above the month before, or $2,000 per sale, and 4 percent above the price tag in December 2015.
“Prospective home buyers and real estate professionals are challenged by low inventory levels and higher competition for those fewer properties,” said SDAR President Bob Kevane. “But we are as busy as ever, and opportunities abound for those who are diligent in their home search.”
The supply of resale homes on the market slipped to one and a half months — five to six months is considered a healthy level by the trade group. In 2016, the region’s homes were on the market an average of 33 days, compared to 39 days for the year before.
The most expensive property sold in the county last month was a 3,500- square-foot, five-bedroom, four-bath oceanfront estate in Del Mar, built in 2004, with a price of $18 million.
–City News Service
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