San Diego County Property Sales Plunge in September

As expected, the credit crunch had a big impact on sales last month. Sales of single-family, re-sale homes fell 34.3% from the month before, and were off 32.6% year-over-year. Year-to-date, home sales are down 16.3%. We expect sales to be slow this month, then start to recover at the end of the quarter as the credit crunch is alleviated.

Condo sales were down 34.3% month-over-month, down 24.7% compared to last September. Year-to-date, condo sales are down 15.4%.

The median price for single-family, re-sale homes in San Diego County fell 4.4% from the month before, and was down 2.9% year-over-year. The average price was down 2.1% from August.
The median price for condos dropped 3.3% to $338,500, a loss of 5.5% year-over-year. The average price fell 4.2% to $408,780, down 7.3% compared to last September.

The sales price to list price for single-family homes fell 0.1 of a point to 94.5%. The ratio for condos dropped 0.3 of a point to 95.4%.

Days on market for homes rose one day to 69 days. Days on market for condos rose eight to 69 days. Take these numbers with a grain of salt. If a property listing is canceled, withdrawn or expired and then re-listed, days on market is re-set to zero.

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 me.