The real estate market stats for April are in and they are showing increases in both median home prices and sales. The Greater San Diego Association of Realtors noted that although low inventory continues to be a market factor, home sales did increase in April. Last month, single-family homes sales were up 3 percent from March’s numbers. In April, condo and townhome sales were more than 2 percent higher than they were in March of this year. In addition, median prices are experiencing a gradual rise.
Homes sales increased
During the month of April, 2,064 homes were sold, which led to a month-over-month increase in sold listings. The condo and townhome market saw increased sales as well and ended the month with 1,073 properties sold. On average, listings that closed in April sold in 30 days. Condos and townhomes sold even more quickly with an average of 25 days on the market.
Median home prices also increased
Median single-family home prices rose almost 3 percent in April, which increased the median price to $565,500. Moreover, condo and townhome prices increased by more than 1 percent, which elevated the median market price to $365,000. Since the first of January, median prices have risen by 6.7 percent when compared to the same time frame in 2015.
Inventory levels remain low
While other stats are steadily climbing, home inventory figures remain low. Current market inventory is 20 percent lower than it was this time last year. The Greater San Diego Association of Realtors attributes the 10 percent year-over-year decrease in home sales to lower inventory levels.
The most expensive listing to sell in April had a La Jolla address
In March, the most expensive single-family home listing to sell was located in Del Mar, but in April that distinction belonged to a La Jolla listing. The most expensive single-family home sold in April was an oceanfront home in La Jolla that was built in 1994 and featured 6 bedrooms and 8 baths. The 6,800-square-foot home sold for $14 million.
2016 has been a busy year for DeSouza Select Properties as well. The team, led by Dennis DeSouza, sold 31 homes with a total volume of $61,235,475 in sales. Two of their sales were the highest ones in all of San Diego County.
For more information about listing your home with our #1 agent team, contact DeSouza Select Properties.