A slowdown in the local real estate market continued last month as the number of houses and condominiums that changed hands fell, according to figures released Tuesday by the San Diego Association of Realtors.
About 1,400 single-family homes were sold in November, a 22 percent decrease from October. While the SDAR chalked up the drop to a normal holiday season decline, the figure was also 14 percent below the same time last year.
For attached homes, like condominiums and townhomes, 679 changed hands, down 19 percent from October and 11 percent below November 2013, according to SDAR data.
The performance of the San Diego market reflects a nationwide real estate slowdown after a year or so of strong increases in both sales and prices.
“While we are experiencing some typical seasonal slowing, housing prices and inventory levels have stabilized, interest rates remain low and homes continue to sell quickly,” said Leslie Kilpatrick, SDAR’s board president. “Opportunities exist in every market, and current conditions have been a plus for first-time buyers and people returning to the market.”
The median price of a house that sold last month was $491,000, a 1 percent decrease from the month prior. The price tag remained 5 percent higher than the same month in 2013.
The median price of a condo was $325,000 in November, 4 percent below October but 5 percent above November of last year.
The real estate group said that, on average, homes on the market are selling within about a month and a half of being listed.
The most expensive listing sold in the county last month was a four-bedroom, four-bath, 2,900-square-foot beach home in Del Mar that cost $16 million, according to the SDAR.
—City News Service