Sales of existing single-family homes in San Diego County fell nearly 20% in January as the 2023 real estate market got off to a slow start, the Greater San Diego Association of Realtors reported.
There were 886 homes sold in January, down 19.2% from 1,027 sales in December, and off 36.9% from the 1,404 sales a year ago in January, according to the association’s monthly data report on Thursday.
Sales of condominiums and townhomes totaled 459, off 12.9% from the 527 in December, and 40.5% from the 771 a year ago.
The median sales price was $849,000 in January for single-family homes, down 3.5% from $880,000 a year ago. The median condo sold for $590,000, a rise of nearly 1% from $585,000 a year ago.
“There are encouraging signs for prospective buyers with inflation getting under control and mortgage rates returning to more affordable levels,” said association President Frank Powell. “While the market is off to a slow start this year, the good news is that a resurgence in mortgage demand along with higher inventory should lead to a more balanced market and improved affordability.
In January, the zip codes in San Diego County with the most single-family home sales were:
- 92026 (Escondido North) with 31
- 92028 (Fallbrook) with 28
- 92071 (Santee) with 26
- 92128 (Rancho Bernardo East) with 23
- 92056 (Oceanside East) and 92064 (Poway), both with 21
The most expensive single-family property sold in January in San Diego County was a 5-and-a-half-acre equestrian compound in the Rancho Santa Fe covenant for $12 million. The 6-bedroom, 7-bath, 5,300-square-foot single-level home is on an estate with a five-stall barn, lush pastures, and lake views.