Single-family resale home sales fell by more than 21% in December compared to a year ago and were down 9% from November, data released Tuesday by the San Diego Association of Realtors revealed.
Additionally, attached properties such as condominiums and townhomes were down 10% from a year ago, and nearly 14% from November.
According to the SDAR, sales inventory is possibly a silver lining, with the supply of homes reaching 3.5 months — representing the number of months it would take for current for-sale homes to sell, given a monthly sales volume.
"While home sales are historically expected to drop in the December holiday season, we continue to urge buyers to remain vigilant in search of their dream home," new SDAR President Spencer Lugash said. "The new year brings the promise of lower interest rates, which means for many buyers and sellers that the time to buy a home is now. We recommend that potential purchasers consult a local realtor to help them make the most informed financial decision."
The median price of resale homes in San Diego County dipped last month, with single-family homes settling at $949,000, more than 3% lower than November, an SDAR statement read. Condos and townhomes saw a median price of $650,000, about 2% lower than the prior month. However, prices in December are still about 10% higher than December 2022.
According to the SDAR, the areas in San Diego County with the most single-family home sales in November were: Fallbrook with 34, Ramona with 25, Spring Valley with 23, Oceanside North and Vista with 22 each and Santee with 21.
The most expensive single-family property sold in December in San Diego County was an oceanfront estate on Carlsbad Boulevard. Built in 2005, the property "features 5 bedrooms, 7 baths — plus an office, media and wine room - - along with a guest/caretaker apartment," the SDAR release read. It sold on Dec. 1 for $10.75 million.
