Median Home Price Steady, Home Sales Inch Up

The median price for re-sale single-family homes in San Diego County stayed at $560,000 in February. Year-over-year, the median price was off 4.2%. This is the eighth month in a row year-over-year prices have been negative. The median price is now off 6.4% from the high of $598,000 set in November 2005.

Home sales rose 3.2% from January. Year-over-year, sales were down 11.3%. On the plus side, agents report many buyers are out looking. Interestingly, inventory is down about 20% from last summer.

The median price for condos rose 4.2% to $372,005, month-over-month, up 0.5% compared to last February. This is the first time the median price for condos has been positive, year-over-year, since last March. The median price is now 5.1% below the high of $392,000 set in November 2005. Condo sales were down 2% from January, off 6.8% year-over-year.

The sales price to list price for single-family homes rose 1.1 points to 95.5%. The ratio for condos rose 1.2 points to 95.8%.

Days on market for homes fell one to 78 days. Days on market for condos rose two to 78.
My advice? For buyers, it's all about finding the seller who really wants, or needs, to sell. The only way to find out is to make offers.

For sellers, be willing to negotiate. Remember, what you lose on the selling side, you'll make up for on the buying side.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call.