By the end of December home prices continued to follow an upward curb that brought median prices up by 3% month-over-month, according to the Greater San Diego Association of Realtors.
The price of single-family homes in San Diego County was at $418,500 in December 2012, up nearly 18% compared to the same month in 2011.
Price improvements have positively affected sales of existing homes, including foreclosures, “despite record low inventory,” the association reports.
For example, at yearend, month-over-month sales of single-family homes increased 11% while sales of condos and town homes increased 7%.
It is worth noting, however, that price improvements are more visible on a year-over-year basis: compared to December 2011 sales were up 12%.
Similarly, the median price for condos and townhouses decreased slightly month-over-month to $253,000 in December, but was 23% higher than the average price reported in December 2011.
Overall, year-over-year the median price was up 5% for single-family homes and over 11% for condos and townhomes bringing the December 2012 average price improvement to 8%.
In December home sales were strongest in Chula Vista where a total of 200 changed owners. The most expensive property sold for $7.4 million.
Local market insiders like SDAR 2013 president of the board, Linda Lee, find these improvements “extremely encouraging.” She expects “the strong momentum” of 2012 will continue as the year progresses.