real estate for sale
A home for sale in San Diego. Photo by Alexander Nguyen

Prices and sales numbers for residential real estate were stable last month, according to figures released Wednesday by the San Diego Association of Realtors.

The median price of a single-family home that changed hands in February was $565,000, or 1 percent above the previous month and 8 percent more than in February 2016.

Almost 1,430 houses sold last month, 21 more than in January but 12 fewer than the same time last year, according to SDAR data.

For attached homes like condominiums and townhouses, the median price in February was $385,000. That’s 1 percent more than January and 10 percent over February of last year.

A total of 687 condos changed hands last month, eight fewer than the previous month and 113 fewer than in the same period in 2016.

“The low-inventory situation and affordability crunch has been particularly hard on first-time home buyers,” said SDAR President Bob Kevane. “The bright spot for sellers is that they are getting a generous number of offers and receiving close to 100 percent of their asking price.”

The supply of resale properties on the market has held at 1 1/2 months for the past three months — with five to six months considered a healthy level, the SDAR said. Homes that sold in February had been on the market for an average of 33 days.

The organization said the most expensive property sold in the county last month was a 6,200-square-feet, four-bedroom, four-bath, oceanfront home in La Jolla, built in 1993, with a price of $12 million.

—City News Service

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