Sales and prices of previously owned homes in San Diego improved a bit in February from a historically slow January, the Greater San Diego Association of Realtors reported Friday.
Single-family home sales rose nearly 11% last month, while condominiums and townhomes saw a surprising 19% rebound over January. It was the first month-to-month increase since last June.
However, sales were down a dramatic 33% and 36%, respectively, from February of last year.
In another turnaround from the summer, median home prices edged up in February. The price of a single-family home was $900,000, an increase of 6% over January. The price of condos and townhomes was up 4 percent month-to-month to $616,000.
But the Realtors warned prices remain slightly under last February’s level and could decline again.
“Houses are expected to remain on the market for longer so we will see a slight drop in home prices,” said Frank Powell, president of the association. “Sellers should be focused on the current market and adjust prices accordingly since the average property is now staying on the market for 41 days.”
But Powell noted that “due to the lack of inventory, sellers should have no problem selling their home as long as their price reflects current market conditions.”
In February, the three zip codes in San Diego County with the most single-family home sales were:
- 92028 (Fallbrook) with 39
- 92065 (Ramona) with 33
- 91977 (Spring Valley) with 31
The most expensive single-family property sold in February in San Diego County was an eight-acre estate in Rancho Santa Fe with 6 bedrooms, 12 bathrooms and a wine cellar that went for $9 million.