December numbers are in so we finally have a complete picture of how San Diego fared for 2014.
New Listings were down sharply, -5.8% compared to last year (a drop of 31% from November!), all the while Pending Sales were up 14% compared to last December. Pending sale volume was only 172 less than that of November’s volume, but compared to historical Nov-Dec comparisons, this is a much smaller difference than normal, especially considering the 31% drop in new listings month to month. All these numbers show a quick tightening of inventory again which puts upward pressure on prices going forward.
Closed Sales were down 7.1% from last year – this number is harped on in the media, and I only include it so I can point out that this is purely a result of the PRIOR 2-3 months’ activity (which were pretty abysmal months) and is not a good measure of future movement. This also is a result of lower activity home inventory year over year (down 11.4% from last year.