Median price of homes hits $450,000 in county for first time in five years; last year median price $365,000

SAN DIEGO – For the first time in five years the median price for single-family homes in San Diego County reached the $450,000 mark, according to the latest housing statistics from the Greater San Diego Association of Realtors®.

“If there was any lingering doubt about the real estate comeback, these numbers should put that doubt to rest,” said Linda Lee, SDAR’s board president. “The increase in price means more people will put their homes on the market, which is great news for buyers. Everyone should be encouraged. San Diego’s housing market is back.”

The April median price of $450,000 represents an increase of four percent from March, and a rise of more than 23 percent from $365,000 a year ago. SDAR’s statistics show the median price has not topped $450,000 since January 2008, when it was $475,000. A month later, it was roughly $440,000.

The median price for condos and townhomes last month was $288,500, a slight increase from March, and a hike of more than 37 percent over last year. Sales numbers for single-family homes leveled off in April, and actually shrank by about 10 percent for condos/townhomes when compared to March.

Properties aren’t staying on the market long, with an average of about 60 days. Inventory of previously owned homes remains at about 1.5 months in the county; six months is considered a healthy home inventory.

The Fallbrook community registered 60 home sales last month alone.