Homes sales in February edged up

Homes sales in February edged up

Sales of previously owned homes improved countywide in February from a particularly slow January, according to housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of REALTORS® (SDAR).

Single-family (detached) home sales rose more than 4 percent last month, while attached properties (condominiums and townhomes) experienced a healthy 14 percent increase in sales in February. Sales are down, however, compared to the same month last year: Detached homes sales were 13 percent lower and attached sales were 18 percent lower.

The median price of homes also edged up, if only slightly. Single-family home prices increased more than 2 percent month-over-month, landing at $630,000. Condos and townhomes were up less than a percent from last month, and actually saw a 2 percent drop in the median price over February of last year, standing at $415,000.  A bright spot is the fact that the supply of homes on the market compared to a year ago has increased 20 percent.

“The housing market has proven to be resilient despite predictions of a tougher year for the industry,” said SDAR President Kevin M. Burke, JD. “I’m particularly encouraged by the double-digit increase in the number of homes on the market in San Diego compared to last year.”

Scripps Ranch
Sixteen single family homes in Scripps Ranch were sold in February. The homes averaged 22 days on the market in February. The median price of single-family homes sold in Scripps Ranch in February was $950,000.

There were 10 attached homes (condominiums or townhomes) sold in Scripps Ranch in February. Attached homes were on the market in Scripps Ranch an average of 25 days in February. The median price of attached homes sold in Scripps Ranch in February was $505,625.

San Diego County
In February, the ZIP Codes in San Diego County with the most single-family home sales were:
92078 (San Marcos South) with 36
92064 (Poway) with 33
91977 (Spring Valley) and 92056 (Oceanside East), both with 32
92117 (Clairemont) and 92127 (Rancho Bernardo West), both with 31
92103 (Carmel Valley) and 92027 (Escondido East), both with 30

The most expensive single-family property sold in February in San Diego County is a Hamptons-style home in Olde Del Mar, built in 2003, with 4,879 square feet, 4 bedrooms, 5 bathrooms, and a sale price of $10 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 February 2019 to January 2019 (month over month)
Single-Family: 2.4 percent increase
February 2019 = $630,000
January 2019 = $615,000
Condos/Townhomes: 0.4 percent increase
February 2019 = $415,000
January 2019 = $413,500

MEDIAN SALES PRICE
Comparing February 2019 to February 2018 (year over year)
Single-Family: 3.1 percent increase
February 2019 = $630,000
February 2018 = $610,999
Condos/Townhomes: 1.9 percent decrease
February 2019 = $415,000
February 2018 = $423,250

 TOTAL SOLD LISTINGS
Comparing February 2019 to January 2019 (month over month)
Single-Family: 4.4 percent increase
February 2019 = 1,240
January 2019 = 1,193
Condos/Townhomes: 14.0 percent increase
February 2019 = 637
January 2019 = 559

TOTAL SOLD LISTINGS
Comparing February 2019 to February 2018 (year over year)
Single-Family: 13.1 percent decrease
February 2019 = 1,246
February 2018 = 1,434
Condos/Townhomes: 18.1 percent decrease
February 2019 = 637
February 2018 = 778