Homes sell quickly in Scripps Ranch

Homes sell quickly in Scripps Ranch

As the year closed, 2017 was marked by skyrocketing home prices in Scripps Ranch and quick sales with homes flying off the market with incredible speed. Prices continued to rise as the year ended, and potential buyers had to hustle if they wanted any chance to enter a competitive bid.

Scripps Ranch
Sixteen single family homes in Scripps Ranch were sold in December, with 311 total sold in 2017. The homes averaged 12 days on the market in December and an average of 23 days on the market for the year 2017. The median price of single family homes sold in Scripps Ranch in December 2017 was $950,000 and the average median price was $910,000 for 2017. That’s $80,000 more than 2016.

There were 8 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 172 total sold in 2017. Attached homes were on the market in Scripps Ranch an average of 13 days in December and an average of 15 days on the market in 2017. The median price of attached homes sold in Scripps Ranch in December was $511,500 and the median price for 2017 was $470,000; $35,000 more than 2016. 

December 2017 in San Diego County
A dramatic reduction in inventory contributed to slow December sales of existing homes, and lower overall sales in San Diego County for the year 2017, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors®.

Single-family home sales last month were down by 8 percent compared to November, and by nearly 15 percent from December 2016. Condominium and townhome sales in December were down 9 percent from the previous month, and 12 percent from a year ago. Sales of all existing homes were off by 3 percent in 2017 compared to 2016.

Median home prices continue to best their pre-recession levels. Single-family home prices dipped slightly in the past month, but exceeded $600,000 cumulatively for the 12 months, more than 7 percent higher than the previous year. Attached properties (condos and townhomes) finished the year 8 percent higher than 2016, and stood at more than $400,000. Resale properties are closing escrow in an average of 30 days.

“The number of homes for sale, the average days on the market and housing affordability are challenging for prospective buyers in this San Diego market,” said SDAR President Steve Fraioli. “The only thing that’s certain in this 2018 housing climate is that sellers have the upper hand and should achieve their asking price … or better.”

The most expensive single-family property sold in San Diego County in December was a single-level home in Rancho Santa Fe, built in 2017, with 8,250 square feet, 7 bedrooms, and 7 baths. The sale price was $10.85 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.

San Diego County
In December, the ZIP Codes in San Diego County with the most single-family home sales were:
• 92026 (Fallbrook) with 44
• 92027 (Escondido East) with 42
• 92057 (Oceanside North) with 40
• 92071 (Santee) with 40
• 92078 (San Marcos South) with 39

MEDIAN SALES PRICE
Comparing December 2017 to November 2017 (month over month)
• Single-Family: 2 percent decrease
December 2017 = $612,750
November 2017 = $625,000
• Condos/Townhomes: 0.5 percent increase
December 2017 = $407,000
November 2017 = $405,000

MEDIAN SALES PRICE
Comparing December 2017 to December 2016 (year over year)
• Single-Family: 8 percent increase
December 2017 = $612,750
December 2016 = $565,000
• Condos/Townhomes: 12 percent increase
December 2017 = $407,000
December 2016 = $365,000

TOTAL SOLD LISTINGS
Comparing December 2017 to November 2017 (month over month)
• Single-Family: 8 percent decrease
December 2017 = 1,634
November 2017 = 1,779
• Condos/Townhomes: 9 percent decrease
December 2017 = 823
November 2017 = 905

TOTAL SOLD LISTINGS
Comparing December 2017 to December 2016 (year over year)
• Single-Family: 15 percent decrease
December 2017 = 1,634
December 2016 = 1,920
• Condos/Townhomes: 12 percent decrease
December 2017 = 823
December 2016 = 935