In anticipation of next week’s DataQuick numbers that will reflect October’s median price change in all markets (including new construction), here’s a look at the resale market. Robert Brown, economics professor at Cal State, San Marcos, put these stats together.
The county sustained a 4.9-percent drop in the median price of condos and townhouses compared to last October, and a 4.35-percent drop in the median detached home price compared to the same period.
That’s a $25,000 difference in detached homes and a $19,000 difference for condos and townhouses.
East County fared the worst, logging a 6.4-percent drop in the median price of detached homes and a 12.2-percent drop in condo and townhouse median prices compared to last October. In dollars, those drops took detached homes to $468,500 from last year’s $500,375, and attached homes to $286,950 from last year’s $327,000.
North County prices actually increased slightly, by 0.8 percent in attached homes to a $395,000 median, and by 1.56 percent for detached homes to a $609,375 median.
The South County and Metro San Diego areas saw year-over-year drops of about $30,000 in attached homes, with last month’s median landing at $360,000 in South County and $385,000 in metro San Diego.
Detached homes in South County dropped 5.71 percent from last year to $525,000, and those in the metro area dropped 4.55 percent to $575,000.
Watch for the DataQuick numbers. They’re all-but-guaranteed to show a bigger year-over-year drop than we saw last month (the biggest percentage drop the region’s seen since March 1993). Why bigger? The market was still trending up last year, hitting its peak last November, but the market’s on its way down this year. So we have kind of a hairpin effect. Stay tuned early next week.