Home sales have slow start

Home sales have slow start

Resale home transactions in San Diego County fell significantly in January from December – not uncommon for the first month of a new year, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

The rush to close on home sales by Dec. 31 may have factored into the drop of 25 percent in single-family home sales in San Diego County overall, and 20 percent for attached properties (condominiums and townhomes) last month. Compared to January of last year, sold listings were down 10 percent for single-family homes, and 2 percent for condos and townhomes, according to the SDAR.

The median price of resale single-family homes in January dipped 2 percent month over month, to $595,000, but that’s up 7 percent from a year ago. The median price for attached properties was $409,000, up slightly from December, and 9 percent higher than January of last year. Properties were closing escrow during January in an average of only 33 days.

“January is usually one of the slowest months of the year for home sales,” said SDAR President Steve Fraioli. “Still, we’re looking at a good number of pending sales and new listings coming onto the market, so we are optimistic as we head toward a busier spring home-hunting season.”

Scripps Ranch
Seven single family homes in Scripps Ranch were sold in January. The homes averaged 34 days on the market in January 2018, compared to 20 days on the market in January 2017. The median price of single family homes sold in Scripps Ranch in January was $875,000. That’s $62,000 less than January 2017.

There were 13 attached homes (condominiums or townhomes) sold in Scripps Ranch last month. Attached homes were on the market in Scripps Ranch an average of 12 days in January 2018; 21 fewer days than January 2017. The median price of attached homes sold in Scripps Ranch in January was $500,000. That’s $80,000 more than January 2017.

San Diego County
The most expensive single-family property sold in San Diego County in January was a remodeled 1965 home on Ocean Boulevard in Coronado with 80 feet of beach frontage, 5,300 square feet, 6 bedrooms and 5 baths. The sale price was $7.5 million.

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

In January, the ZIP Codes in San Diego County with the most single-family home sales were:
92027 (Escondido East) with 40
92057 (Oceanside North) with 37
92021 (El Cajon) with 33
92028 (Fallbrook) with 33
92056 (Oceanside East) with 33

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.

MEDIAN SALES PRICE
Comparing January 2018 to December 2017 (month over month)
Single-Family: 2 percent decrease
January 2018 = $595,000
December 2017 = $610,000
Condos/Townhomes: 1 percent increase
January 2018 = $409,000
December 2017 = $405,000

MEDIAN SALES PRICE
Comparing January 2018 to January 2017 (year over year)
Single-Family: 7 percent increase
January 2018 = $595,000
January 2017 = $557,000
Condos/Townhomes: 9 percent increase
January 2018 = $409,000
January 2017 = $375,000

TOTAL SOLD LISTINGS
Comparing January 2018 to December 2017 (month over month)
Single-Family: 25 percent decrease
January 2018 = 1,280
December 2017 = 1,723
Condos/Townhomes: 20 percent decrease
January 2018 = 696
December 2017 = 875

TOTAL SOLD LISTINGS
Comparing January 2018 to January 2017 (year over year)
Single-Family: 10 percent decrease
January 2018 = 1,280
January 2017 = 1,425
Condos/Townhomes: 2 percent decrease
January 2018 = 696
January 2017 = 707