HOMES

Home sales in September drop

Home sales in September drop

Sales of previously owned homes in San Diego County saw a significant drop in numbers for September, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Single-family home sales in San Diego County dropped 25 percent in September, compared to August, and were nearly 22 percent lower than the same month last year. Condominiums and townhomes similarly saw a 25 percent decrease last month and are down about 23 percent from September of last year. So far in 2018, resale home sales are off by 9 percent compared to the same nine months of 2017.

Median prices, however, have continued to exhibit strength throughout the year. September single-family home sale prices reached $650,000 countywide, just slightly under August’s price, while condos and townhomes (attached) properties increased nearly 2 percent from the previous month, standing at $432,500. Collectively, prices are up about 7 percent from last year. In September, resale properties were closing escrow in an average of 30 days.

“I’m hopeful that residential sales will continue along a mostly positive line for the rest of the year, but it’s possible that rising prices and interest rates may factor into many home purchase decisions,” said SDAR President Steve Fraioli.

Scripps Ranch
Twelve single family homes in Scripps Ranch were sold in September, with 198 total sold so far in 2018. The homes averaged 22 days on the market in September and an average of 22 days on the market for the year 2018. The median price of single family homes sold in Scripps Ranch in September was $915,250 and the average median price is $965,000 for 2018 so far. That’s $13,500 more than September 2017, and the median price year to date for 2018 is $65,000 more than the median price for 2017 overall at this time last year.

There were 14 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 136 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 14 days in September and an average of 14 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in September was $566,000 and the median price for 2018 so far year to date is $541,500. That’s $72,500 more than September 2017, and the median price for 2018 year to date is $76,500 more than the median price for 2017 at this time last year.

San Diego County
In September, the ZIP Codes in San Diego County with the most single-family home sales were:
92127 (Rancho Bernardo West) and Fallbrook (92028), both with 39
92078 (San Marcos South) and 92130 (Carmel Valley), both with 37
92064 (Poway) with 35
92024 (Encinitas) with 34
92009 (Carlsbad SE), 92026 (Escondido North) and 92056 (Oceanside East), each with 33

The most expensive single-family property sold in September in San Diego County is a seaside gated estate on three acres in La Jolla Farms with its own lake. The home, built in 1996, is 14,200 square feet, with 7 bedrooms, 14 baths and a sale price of more than $16.2 million.

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.

SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Here is a summary for the county:

MEDIAN SALES PRICE
Comparing September 2018 to August 2018 (month over month)
Single-Family: 2.3 percent decrease
September 2018 = $650,000
August 2018 = $665,000
Condos/Townhomes: 1.8 percent increase
September 2018 = $432,500
August 2018 = $425,000

MEDIAN SALES PRICE
Comparing September 2018 to September 2017 (year over year)
Single-Family: 6.6 percent increase
September 2018 = $650,000
September 2017 = $610,000
Condos/Townhomes: 6.8 percent increase
September 2018 = $432,500
September 2017 = $405,000

TOTAL SOLD LISTINGS
Comparing September 2018 to August 2018 (month over month)
Single-Family: 24.7 percent decrease
September 2018 = 1,536
August 2018 = 2,039
Condos/Townhomes: 25.0 percent decrease
September 2018 = 792
August 2018 = 1,056

TOTAL SOLD LISTINGS
Comparing September 2018 to September 2017 (year over year)
Single-Family: 21.6 percent decrease
September 2018 = 1,536
September 2017 = 1,958
Condos/Townhomes:  22.7 percent DECREASE
September 2018 = 792
September 2017 = 1,024

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