In South County, 2,416 homes sold in a 12-month period ending in May (May 2015 to May 2016), compared to 2,212 sold between May 2014 and May 2015. In East County, during the same periods of time, the total was 4,062 in 2016 compared to 3,983 in 2015.
In addition, PSAR shows the number of days a home remained on the market before it was sold is shrinking. In the prior 12 months ending in May 2016, in South County, the number of days was 36, compared to 41 during the same timeframe, while in East County it was 37 days compared to 47 days a year ago.
“I’m very proud of the reputation and positive momentum our Association currently has,” said Anthony Andaya, 2016 PSAR president. “The levels of performance by our all our PSAR members, both REALTORS® and affiliates is off the charts. We are firing on all cylinders and everyone is working hard to provide terrific customer service with a dedication to professionalism and excellence within our industry. All our members are outstanding workers, volunteers and patrons of their San Diego communities.”
Meanwhile, on a statewide level, a slightly different response was given by California REALTORS® to the California Association of REALTORS® (C.A.R.) April Market Pulse Survey. They said that market activity is slowing with a decrease in floor sales, open house traffic and listing appointments-client presentations.
C.A.R.’s April Market Pulse Survey also revealed the following:
-- The share of homes selling above asking price in April shrank for the first time since December 2015, slipping to 32 percent from 34 percent in March and 36 percent in April 2015. Conversely, the share of properties selling below asking price rose for the first time in four months to 40 percent. The remainder (28 percent) sold at asking price.
-- For the homes that sold above asking price, the premium paid over asking price declined for the second straight month to an average of 9.6 percent, down from March’s 9.8 percent and 10 percent in April 2015.
-- The 40 percent of homes that sold below asking price sold for an average of 12 percent below asking price in April, down from 9.6 percent in March and 11 percent a year ago.
-- The average number of offers per property decreased for the first time in three months to 2.9 in April, down from 3.3 in March and 3.6 in April 2015.
-- With home prices leveling off in recent months, more sellers are adjusting their listing price to become more in line with buyers’ expectations. About one in four (23 percent) of properties had price reductions in April, down from 28 percent a year ago.
-- Low housing inventory continued to be REALTORS®’ biggest concerns, cited by one in three (33 percent), while 16 percent indicated declining housing affordability, and 14 percent stated overinflated home prices.
“We have nothing but a positive outlook towards our market in San Diego, even in what some may view as ambivalent times,” said Andaya. “The market is regaining ground steadily, even though there still is significant disparity between what home buyers can realistically afford and actual home prices. San Diego will always remain a desirable place to call home and many will gladly work harder despite the current economical outlook. As of now, wages are stagnant and the cost to run a household keeps going up. It’s true that many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory and higher property taxes. I know there are some headwinds out there but I remain confident in San Diego and all the REALTORS that help shape our great cities.
“We expect that interest rates will remain somewhat level and home prices will moderate to collectively restore pent-up demand and perk up the market in the second half of this year. I believe we’re living in a day when greater opportunities are available to fulfill our destiny of success. That’s why our Association is dedicated to providing a great culture filled with top notch training and education that will help shape the future and yield tremendous benefits for our members in the years ahead.”