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Home sale prices tick up in April

Home sale prices tick up in April

April home sales in San Diego County saw a slight increase over March, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors®.

Single-family home sales ticked up 4 percent in the past month, and attached properties (condos and townhomes) rose by nearly 3 percent. However, sales for the first four months of the year are still lower than the same period last year by 7 percent.

The median price of single-family homes edged up 1 percent from March to April, now standing at $640,000. That’s an increase of more than 8 percent from April of 2017. Condo and townhome prices rose by 4 percent month over month, and have reached a record high mark of $425,000; that’s 10 percent higher than a year ago. All properties taken together, the year-to-date median price of homes in San Diego County is $551,000.

The supply of resale properties on the market edged up slightly to 1.9 months, with five to six months being considered a healthy level. Homes were selling in April in an average of only 25 days.

“Low inventory continues to create a competitive situation for buyers,” said SDAR President Steve Fraioli. “But higher mortgage interest rates are the reality and the trend, so serious buyers will need to be ready with an offer when the opportunity presents itself.”

Scripps Ranch
Fifteen single family homes in Scripps Ranch were sold in April, with 69 total sold in the first four months of 2018. The homes averaged 14 days on the market in April and an average of 19 days on the market for the year 2018. The median price of single family homes sold in Scripps Ranch in April was $1 million and the average median price is $980,000 for 2018 so far. That’s $75,000 more than April 2017.

There were 15 attached homes (condominiums or townhomes) sold in Scripps Ranch in April, with 54 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 24 days in April and an average of 16 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in April was $520,000 and the median price for 2018 so far is $530,000. That’s $57,500 more than April 2017.

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:

San Diego County
In April, the ZIP Codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 56
92128 (Rancho Bernardo East) with 52
92057 (Oceanside North) with 50
92130 (Carmel Valley) with 47
92009 (Carlsbad SE) with 47

The most expensive single-family property sold in San Diego County in April was an oceanfront home in Del Mar, built in 2010, with nearly 3,900 square feet, 4 bedrooms, 5 baths, a private courtyard with pool, spa and built-in barbecue, and a sale price of $18 million.

MEDIAN SALES PRICE
Comparing April 2018 to March 2018 (month over month)
Single-Family: 1 percent increase
April 2018 = $640,000
March 2018 = $635,000
Condos/Townhomes: 4 percent increase
April 2018 = $425,000
March 2018 = $410,000

MEDIAN SALES PRICE
Comparing April 2018 to April 2017 (year over year)
Single-Family: 8 percent increase
April 2018 = $640,000
April 2017 = $591,000
Condos/Townhomes: 10 percent increase
April 2018 = $425,000
April 2017 = $385,000

TOTAL SOLD LISTINGS
Comparing April 2018 to March 2018 (month over month)
Single-Family: 4 percent increase
April 2018 = 1,903
March 2018 = 1,834
Condos/Townhomes: 3 percent increase
April 2018 = 1,003
March 2018 = 975

TOTAL SOLD LISTINGS
Comparing April 2018 to April 2017 (year over year)
Single-Family: 8 percent decrease
April 2018 = 1,903
April 2017 = 2,063
Condos/Townhomes: 7 percent decrease
April 2018 = 1,003
April 2017 = 1,080

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