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Home sales rebound in March

SAN DIEGO – San Diego County home sales rebounded in March following a slow January and February, according to statistics recently released by the Greater San Diego Association of Realtors.

March single-family home sales rose 24 percent compared to February, while sales of condominiums and townhouses jumped 21 percent.

“The housing market in San Diego is showing resiliency despite a slow first quarter,” GSDAR President Steve Fraioli said. “The March sales figures show that buyer demand remains strong which is reflected in the steady rise in prices.”

The median price of a single-family home edged up 4 percent to $635,000 in March, though the price of condos and townhouses dropped 3 percent to about $412,000.

Sales for the first quarter of 2018 are about 9 percent below the same quarter last year, indicating a lack of market properties, according to GSDAR. The supply of market resale properties has edged up slightly to 1.7 months, though a supply of five or six months is considered healthy.

Homes sold in an average of 26 days in March.

Fallbrook had the most single-family home sales with 61, followed by north Oceanside at 52, Carmel Valley at 46, Poway at 45 and east Oceanside at 44.

An oceanfront home in Carlsbad with a music studio was the region’s most expensive sale in March. The 6,300-square-foot, five-bedroom home sold for $11.5 million.

 

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