La Mesa Homes, Condos Sold Fast in August

La Mesa homes and condominiums are selling at a higher median price and quicker pace than the same time last year, according to data released by the San Diego Association of Realtors last week.

Condominiums sold in August spent an average 9.5 days on the market compared to 90.5 days in the same month last year. Homes spent an average of 50 days on the market in August compared to 65 days in the same month last year.

A total 51 homes were sold in La Mesa in August, compared to 69 in the same month last year. Year to date median home prices rose from about $370,000 to about $435,000, a 15 percent increase.

Year to date the total number of homes sold is up compared to the same period last year, with 480 in August and 461 through August 2012.

Year to date attached condominium or townhouse sales saw a slight decline from 136 through August 2012 to 122 through August 2013. Median price for attached properties sold saw a 20.4 percent increase from $157,625 to $198,000.

In San Diego County, single family home sales in August decreased by about 3 percent compared to July, while sales of condominiums and town homes were virtually unchanged, SDAR reported.

"Interest rates are still at historic lows," said Linda Lee, SDAR's Board President. "That, combined with the increases in inventory means the San Diego real estate market remains very active for buyers and sellers."

The median price of single-family homes sold in August was $483,000, down slightly from July, but still 23 percent higher than a year ago. For attached properties, the median price stood at $310,000, down about 3 percent from the previous month, but up 29 percent from last August.

Home sales jumped across Southern California, according to DataQuick.