Home sales steady at end of summer

Home sales steady at end of summer

August sales of previously owned homes in San Diego County closely mirrored sales in July, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of REALTORS® (SDAR).

Approximately 3,248 single-family homes and attached properties closed in August, compared to 3,228 in July, a difference of less than a percent. Broken down by property type, single-family home sales were up 2 percent, while condominium and townhome sales were down just under 3 percent. However, compared to August of last year, single-family home sales were down 6 percent and condos/townhomes were down 11 percent.

The median price in August dipped, but only slightly, compared to July. The price of both single-family and attached properties was down by about 1 percent. Despite that, prices for resale properties are up more than 8 percent so far this year.

In August, single-family homes were selling in an average of only 29 days, while attached properties closed an average of 22 days from the point that they went on the market.

“Home sales tend to cool off ahead of a new school year,” said SDAR President Bob Kevane. “But in this market, deals can be made well into the school months. I’m hopeful that mortgage rates, wage growth and unemployment will stay stable and buoy up our struggling housing market.”

The most expensive residential property sold in San Diego County last month was a remodeled beach cottage on the bluffs in Del Mar – 2,300 square feet, 2 bedrooms, 3 baths – built in 1948, with a sale price of $10 million.

SDAR’s housing statistics are compiled monthly from the Multiple Listing Service(MLS).

NOTE: The median home price is the price in which half of the homes sold for more, and half sold for less. It is a more typical price measure than average price, which can be skewed high by a relative handful of million-dollar-plus transactions.

Scripps Ranch
In Scripps Ranch, 26 single family homes were sold in August, with 206 total sold so far in 2017. The homes averaged 20 days on the market in August and an average of 22 days on the market for the year 2017 so far. The median price of single family homes sold in Scripps Ranch in August 2017 was $915,000 and the average median price is $900,000 so far for 2017.

Two more Scripps Ranch single family homes sold in August than in July 2017. The average days a single family home was on the market in August 2017 was five days more than in July 2017, but two days less than August 2016. The median price of single family homes sold in Scripps Ranch in July 2017 was an incredible $119,000 more than July 2016.

There were 14 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 116 total sold this year. Attached homes were on the market in Scripps Ranch an average of 10 days in August and an average of 14 days on the market in 2017 year to date. The median price of attached homes sold in Scripps Ranch in August was $463,000 and the median price for 2017 year to date is $465,000. This is an increase of $54,000 more than the median price for August 2016 but a big $20,000 decrease in price from July 2017.

San Diego County
In August, the Zip codes in San Diego County with the most single-family home sales were:
92026 (Escondido North) with 69
92057 (Oceanside North) with 69
92128 (Rancho Bernardo West) with 54
92065 (Ramona) with 53
92028 (Fallbrook) with 51

MEDIAN SALES PRICE
Comparing August 2017 to July 2017 (month over month)

Single-Family: 1 percent decrease
August 2017 = $610,000
July 2017 = $615,000

Condos/Townhomes: 1 percent decrease
August 2017 = $400,000
July 2017 = $405,000

MEDIAN SALES PRICE 
Comparing August 2017 to August 2016 (year over year)

Single-Family: 8 percent increase
August 2017 = $610,000
August 2016 = $563,000

Condos/Townhomes: 7 percent increase
August 2017 = $400,000
August 2016 = $375,000

TOTAL SOLD LISTINGS
Comparing August 2017 to July 2017 (month over month)

Single-Family: 2 percent increase
August 2017 = 2,153
July 2017 = 2,104

Condos/Townhomes: 3 percent decrease
August 2017 = 1,095
July 2017 = 1,124

TOTAL SOLD LISTINGS 
Comparing August 2017 to August 2016 (year over year)

Single-Family: 6 percent decrease
August 2017 = 2,153
August 2016 = 2,301

Condos/Townhomes: 11 percent decrease
August 2017 = 1,095
August 2016 = 1,230