The median price of single-family resale homes jumped 19 percent in March from the same time last year, according to the Greater San Diego Association of Realtors (SDAR).
The median price of single-family resale homes reached $432,000 in San Diego County in March, up 5 percent from the previous month, and nearly 19 percent from March of 2012.
Single-family home prices were up 15 percent from a year ago for 2013's first quarter.
Condos and townhomes saw a higher increase in the median price – $285,000, which is a jump of 14 percent from February, and 30 percent from March of last year.
For the first quarter, condos and townhome prices were up 25 percent compared to last year.
There is about 1.5 months of inventory in San Diego County and a healthy home inventory is about six months.
Despite the historically low inventory levels, resales of single-family homes jumped 39 percent in March compared to February, and were up by 10 percent compared to March 2012.
Condos and townhomes sales also rose in March, with an increase of 31 percent from February and 14 percent from March 2012.
The amount of time properties are staying on the market was cut by about a third from a year ago, from 90 to 60 days.
“The local real estate market is truly marching forward,” said Linda Lee, SDAR’s board president. “It’s an exciting time for buyers and sellers, and with interest rates hovering at historic lows I only see these trends continuing.”
Chula Vista remains the hot spot for home sales, where 166 single-family homes were sold last month, although many communities like Escondido and Oceanside saw increases.
The Zip codes with the most single-family sales in March are: 92128/Rancho Bernardo – 62; 92028/Fallbrook – 57; 92009/Carlsbad – 53; 91977/Spring Valley – 50; 92115/College Grove – 49; and 92065/Ramona – 48.
The most expensive San Diego County listing sold last month was a five-bedroom, six-bath, 6,375-square-foot La Jolla home for $12 million.
SDAR’s housing statistics are compiled from the Multiple Listing Service (MLS).
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March 29, 2012 -- George Chamberlin talks to Linda Lee, a broker with Keller Williams San Diego Metro, about China's interest in investing in the U.S. real estate market.
Aug. 22, 2011 - Executive Editor George Chamberlin talks with Robert Kevane, president of the San Diego Association of Realtors, about the real estate market, employment and more.
Aug. 20, 2010 -- Executive Editor George Chamberlin speaks with Mark Marquez, 2010 SDAR president, at the San Diego Association of Realtors' Real Estate Summit.