HOMES

Home sales slowed in November 2018

Home sales slowed in November 2018

Sales of existing homes slumped in November 2018, according to housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of REALTORS® (SDAR).

Single-family home sales in San Diego County slowed by more than 15 percent in November compared to October, and 19 percent from November 2017. Sales of condominiums and townhomes (attached properties) in November were down nearly 23 percent from the previous month, and 20 percent from a year ago. As 2018 wound down, sales of existing homes were off by nearly 10 percent compared to 2017.

The median price of single-family homes edged up by 1 percent from October to November, standing at $635,000, while the price of condos and townhomes experienced a 5 percent drop in the median price from October, settling at $397,000. However, for the year to date, prices were still more than 6 percent higher than in 2017.

“The end of the year and the holiday season are usually a sluggish time for home sale activity,” said SDAR President Steve Fraioli. “But it does appear that the pace of home price growth has slowed. Buyers should keep watch for price reductions on homes they want for Christmas.”

Scripps Ranch
Eighteen single family homes in Scripps Ranch were sold in November. The homes averaged 29 days on the market in November. The median price of single family homes sold in Scripps Ranch in November was $998,500.

There were 14 attached homes (condominiums or townhomes) sold in Scripps Ranch in November. Attached homes were on the market in Scripps Ranch an average of 19 days in November. The median price of attached homes sold in Scripps Ranch in November was $488,000.

San Diego County
In November, the ZIP Codes in San Diego County with the most single-family home sales were:
92114 (Encanto) with 39
92127 (Ranch Bernardo West) with 38
92021 (El Cajon) with 35
92026 (Escondido North) with 34
92081 (Vista South) with 33

The most expensive single-family property sold in November in San Diego County was an ocean-view home in the La Jolla Shores Terrace neighborhood, built in 2010, with 11,000 square feet, 6 bedrooms, 8 bathrooms, and a sale price of $8.725 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 November 2018 to October 2018 (month over month)
Single-Family:  1.4 percent decrease
November 2018 = $635,000
October 2018 = $643,700
Condos/Townhomes: 5.0 percent decrease
November 2018 = $397,000
October 2018 = $418,000

MEDIAN SALES PRICE
Comparing November 2018 to November 2017 (year over year)
Single-Family: 1.6 percent increase
November 2018 = $635,000
November 2017 = $625,000
Condos/Townhomes: 2.0 percent decrease
November 2018 = $397,000
November 2017 = $405,000

TOTAL SOLD LISTINGS
Comparing November 2018 to October 2018 (month over month)
Single-Family: 15.5 percent decrease
November 2018 = 1,452
October 2018 = 1,719
Condos/Townhomes: 22.8 percent decrease
November 2018 = 727
October 2018 = 942

TOTAL SOLD LISTINGS
Comparing November 2018 to November 2017 (year over year)
Single-Family: 19.4 percent decrease
November 2018 = 1,452
November 2017 = 1,802
Condos/Townhomes: 20.3 percent decrease
November 2018 = 727
November 2017 = 912

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