HOMES

December saw reduction in sales

December saw reduction in sales

A dramatic reduction in inventory contributed to one of the slowest months for home sales this year across San Diego County, according to housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Single-family homes in the county last month were down more than 11 percent compared to November, and nearly 20 percent from December 2017. Condominium and townhome sales (attached) properties in December fell by more than 23 percent from the previous month, and 32 percent from a year ago. Sales of all previously owned properties were off by 10 percent in 2018 compared to 2017. The inventory of for-sale homes slumped by 15 percent over the past month, but for the year, there was an increase of nearly 37 percent more homes on the market.

Median prices continued to beat their prior-year levels, with single-family homes ending 2018 at $625,000, and condos/townhomes reaching $419,000. Over the past year, prices of all existing properties saw an increase of more than 6 percent.

“December can be a slow month, historically, but as we enter the new year we are continuing to watch for an improved base of home sales inventory,” said SDAR President Kevin Burke. “Sellers may continue to have the upper hand, yet buyers will hopefully have more choices with which to bargain.”

Scripps Ranch
Fifteen single family homes in Scripps Ranch were sold in December. The homes averaged 50 days on the market in December. The median price of single-family homes sold in Scripps Ranch in December was $942,800.

There were eight attached homes (condominiums or townhomes) sold in Scripps Ranch in December. Attached homes were on the market in Scripps Ranch an average of 28 days in December. The median price of attached homes sold in Scripps Ranch in December was $506,250.

In December, the ZIP Codes in San Diego County with the most single-family home sales were:
92130 (Carmel Valley) with 40
92057 (Oceanside North) and 92114 (Encanto), both with 37
92071 (Santee) with 36
92028 (Fallbrook) with 35
92019 (El Cajon) with 34

The most expensive single-family property sold in December in San Diego County is an ocean-view home in the La Jolla neighborhood of Lower Hermosa, built in 1939, with 9,700 square feet, 7 bedrooms, 10 bathrooms, and a sale price of $13.6 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 December 2018 to November 2018 (month over month)
Single-Family: 1.6 percent decrease
December 2018 = $625,000
November 2018 = $635,000
Condos/Townhomes: 5.5 percent increase
December 2018 = $419,000
November 2018 = $397,000

MEDIAN SALES PRICE
Comparing December 2018 to December 2017 (year over year)
Single-Family: 2.5 percent increase
December 2018 = $625,000
December 2017 = $610,000
Condos/Townhomes: 3.6 percent increase
December 2018 = $419,000
December 2017 = $405,000

TOTAL SOLD LISTINGS
Comparing December 2018 to November 2018 (month over month)
Single-Family: 11.4 percent decrease
December 2018 = 1,388
November 2018 = 1,567
Condos/Townhomes: 23.3 percent decrease
December 2018 = 599
November 2018 = 781

TOTAL SOLD LISTINGS
Comparing December 2018 to December 2017 (year over year)
Single-Family: 19.9 percent decrease
December 2018 = 1,388
December 2017 = 1,733
Condos/Townhomes: 32.5 percent decrease
December 2018 = 599
December 2017 = 887

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