This information includes January 2014 to December 2014, detached homes in all price ranges.
Each area in East County fared a little differently and changes for homes above $399,000 (roughly the median) range were much more subdued and actually decreased in many areas. I have included these numbers separately in parentheses at the end of each bullet point.
On average, January through March was a good time for sellers with significant positive increases in prices. April through August were basically stable and some prices actually went backwards, it was a better time for buyers. Then September and October showed a slight increase in activity and prices. Finally, we had a nice year end bump and ended the year positive in almost all areas.
- Median sales price increased from $384,000 to $405,000. ($500,000, $480,717)
- Median time on the market went from 34 days in January to 20 days in April and then started climbing and ended at 28 days in December. (41,18, 34)
- The month’s supply of inventory based upon closed transactions (the actual number of months on supply there is left on the market based upon the number of sales that closed that month) went from 2.9 months in January, to 2.6 In April and then started climbing to 3.5 months in August before it rapidly dropped to 2.5 months by the end of December (this is normal for the Holiday season). (4.3, 3.8, 5.0, 3.3)
- The median price per square foot went from $250/SF in January, dropped to $247/SF in April through May, and then began to climb finishing the year at $261/SF in December. ($246, $251, $257)
- New Listings each month started at 461 in January peaked at 513 in July and then steadily dropped to 225 in December, which was very close to December 2013 at 238. (283, 368, 160)
In January of 2015 things appear to be improving for Sellers and inventory is starting to tighten up a bit for Buyers. We expect it to be a good year for both Buyers and Sellers with low rates, still good pricing and increased volume… GOOD NEWS! When more real estate transactions occur, it is both a sign and a driver of an improving economy.
Have a great year and call us if you or any one you know needs knowledgeable real estate advice or information. We are always here to help. CALL US TODAY! Lindsay Brookshire 619-993-3745 or Ron Brookshire 619-279-4258
Get your specific local area market update for December 2014 in PDF format here:
91901_Alpine_12-2014 | 92040_Lakeside_12_2014 | 92071_Santee_12-2014 | 92021_El_Cajon_12-2014 | 92019_El_Cajon_12-2014 | 92020_El_Cajon_12-2014 | 91978_Rancho_San_Diego_12-2014 | 91935_Jamul_12-2014 | 91941_La_Mesa_12-2014 | 91942_La_Mesa_Grossmont_12-2014 | 91977_Spring_Valley_12-15 | 91945_Lemon_Grove_12-2014
Definition: Median is a mathematical result that indicates that one half of the group is higher and one half lower.