San Diego’s median price for a single family house reached $450,000 in April, the highest it’s been in five years, and a 23 percent increase from the same month a year earlier, according to the Greater San Diego Association of Realtors.
SDAR said the last time the San Diego median price hit that level was January 2008 when it was $475,000. The next month it dropped to $440,000, the organization said.
The median for condos and townhomes in April was $288,500, up 37 percent from the like month of 2012.
The lack of inventory of available houses to purchase is evident. SDAR said the average time a property is on the market is 60 days. The amount of inventory for the demand is only 1.5 months compared to a normal market when about six months of inventory is available for sale.
The hottest markets in the county are Chula Vista, Carlsbad, Oceanside, Escondido, and Rancho Bernardo, together accounting for about 30 percent of all sales last month, SDAR said.
The biggest ticket item last month was a five-bedroom, seven-bath, 9,025 square foot Rancho Santa Fe house that sold for $7.5 million.
— SDBJ Staff Report