As overall existing home resales activity in San Diego County begins to show signs of improvement, the four regions that comprise the county all experienced an increase in total sold listings from February to March.
According to Homedex, a publication of the North San Diego County Association of Realtors, there were 668 resales in North County during March, 221 resales in East County, 207 in South County and 482 in the San Diego Metro region.
This region contains the most ZIP codes of any of the regions, 34, and was home to the most sold listings, highest overall median price and largest supply of active listings during March.
In the detached market there were 484 sales during March valued at more than $346 million. Sales represented a 9.26 percent rise in activity when compared with the previous month, but a 37.06 percent decline from March 2007.
The ZIP code with the most detached sales during the month was 92057 Oceanside, with 38 sales, followed by 92027 Escondido and 92128 Rancho Bernardo who both had 30 sales. Seven other ZIP codes in the region experienced 20 or more sales.
One reason for increased sales activity could be the decline in seller's asking prices, as the median price of a detached home fell 4.85 percent in March 2008 to $490,000.
At the end of March there were 5,491 active detached listings.
In the attached market there were 184 sold units valued at nearly $67 million.
The 184 sales represented a 20.26 percent increase from February 2008 and a 36.11 percent decline in activity when compared with March of last year.
The ZIP code with the most attached sales during the month was 92128 Rancho Bernardo with 26 sales. Four other ZIP codes in North County experienced 10 or more sales during March.
Unlike in the detached market the median price of an attached home rose 9.65 percent from $310,000 in February 2008 to $339,000 in March.
Entering April there were 1,892 active attached listings in the region.
Containing 27 ZIP codes, more than half of which are rural areas such as Descanso, Jamul, Campo, Delzura and Pine Valley, this region experienced 163 detached resales, valued at more than $71 million, during March.
The sales represented a 26.36 percent rise in resold listings when compared with February 2008, but a 16.84 decline in activity from March 2007.
The ZIP code with the most activity during the month was 91977 Spring Valley with 22 resales, as no other zip code experienced 20 or more.
As overall detached resales increased the median home price remained at $385,000 in March 2008.
At the end of March there were 2,073 active detached listings.
While there were only 58 attached sales during March, valued at more than $11 million, this total represented a 41.46 percent increase in activity from February 2008. The 58 sales represented a nearly 31 percent drop in activity when compared with March of last year.
During the month the most attached sales occurred in 92071 Santee with 10 resales.
Santee represented the only zip code in the region that experienced more than nine resales during the month.
As activity rose in the region, the median price paid for an attached unit dropped $25,000 during March to $180,000.
Entering April there were 703 active attached listings.
Mainly comprised of Chula Vista this region experienced 139 detached resales valued at more than $58 million.
The March activity represented a 15.83 percent increase from February and a 4.51 percent rise from March of last year.
The most resales during the month occurred in 91915 Chula Vista with 25 followed by 92154 Otay Mesa with 23 and 91911 Chula Vista with 21.
The median price of a detached home decreased 6.02 percent from $415,000 in February 2008 to $390,000 in March 2008.
Entering April there were 1,756 active detached listings in the region.
In the attached market there were 68 resales, up 51.11 percent from February 2008. The value of the 68 resales stood at more than $17 million.
The month's highest activity occurred in 91913 Chula Vista with 14 resales. Two other Chula Vista ZIP codes and 92154 Otay Mesa experienced between 10 sales and 13 sales.
With the number of attached sales increasing, the median price fell 7.06 percent to $250,000 in March 2008 from $269,000 in February 2008.
The amount of active attached listings in the region stands at 892.
San Diego Metro
Comprised of 28 ZIP codes this region is home to the most attached resales of the four markets.
During March there were 257 detached resales valued at nearly $197 million. That activity represented a 21.8 percent increase from February 2008, but a year-over 34.44 percent decline.
The most sales during the month occurred in 92114 Encanto with 28 sales followed by 92126 Mira Mesa with 27 sales.
The median price of a detached home increased 5.81 percent from $430,000 in February 2008 to $455,000 in March 2008, with a 21.75 percent year-over decrease.
Entering April the amount of active detached listings in the region stood at 2,428.
In the attached market there were 225 resold listings valued at more than $97 million, a decline in activity of 39.35 percent when compared with March of last year. During February of 2008 there was 225 resales.
The 92101 San Diego Downtown ZIP code contributed the most attached resales in this region and countywide during the month with 41.
The median price of a resold attached unit fell to $315,000 in March 2008 from $335,000 in February 2008, or 5.97 percent.
At the end of March there were 2,566 active attached listings.