HOMES

Local home prices continue to rise

Local home prices continue to rise

Sales of previously owned homes in San Diego County pulled back in July, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Resale single-family home purchases in the county were down 10 percent in July compared to June, and condominiums and townhomes (attached properties) were down more than 14 percent from the prior month. Compared to the same month last year, single-family home sales were down more than 6 percent, and condos/townhomes were down more than 12 percent. However, the number of homes for sale are up more than 11 percent from a year ago.

Prices continue to be the bright spot, at least for sellers. The median price of single-family homes reached $657,000 in July, up slightly from June, and the price of attached properties ($425,000) was up about 1 1/2 percent. Prices of resale homes have increased a solid 7.5 percent from a year ago.

In July, resale properties were closing escrow in an average of 27 days, and there is about a 2.4 months’ supply of homes on the market. (A healthy supply is about 5 months.)

“Demand is still outpacing the supply of homes,” said SDAR President Steve Fraioli. “But it’s clear that inventory of homes for sale has improved over last year. That should encourage buyers.”

Scripps Ranch
Twenty-seven single family homes in Scripps Ranch were sold in July, with 149 total sold so far in 2018. The homes averaged 24 days on the market in July and an average of 21 days on the market for the year 2018. The median price of single family homes sold in Scripps Ranch in July was $990,000 and the average median price is $975,000 for 2018 so far. That’s $73,000 more than July 2017, and the median price year to date for 2018 is $75,000 more than the median price for 2017 overall at this time last year.

There were 20 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 105 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 15 days in July and an average of 13 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in July was $575,750 and the median price for 2018 so far year to date is $537,500. That’s $100,750 more than July 2017, and the median price for 2018 year to date is $72,500 more than the median price for 2017 at this time last year.

San Diego County
In July, the ZIP Codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 59
92127 (Rancho Bernardo West) with 57
91917 (Spring Valley) with 56
92064 (Poway) with 54
92057 (Oceanside North) with 50

The most expensive single-family property sold in San Diego County in July was a 6,000-square-foot historic 1926 Coronado mansion on Loma Avenue, with 4 bedrooms, 6 baths, and a sale price of $15 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:

MEDIAN SALES PRICE
Comparing July 2018 to June 2018 (month over month)
Single-Family: 0.3 percent increase
July 2018 = $657,000
June 2018 = $655,000
Condos/Townhomes: 1.6 percent increase
July 2018 = $432,000
June 2018 = $425,000

MEDIAN SALES PRICE
Comparing July 2018 to July 2017 (year over year)
Single-Family: 6.8 percent increase
July 2018 = $657,000
July 2017 = $615,000
Condos/Townhomes: 6.7 percent increase
July 2018 = $432,000
July 2017 = $405,000

TOTAL SOLD LISTINGS
Comparing July 2018 to June 2018 (month over month)
Single-Family: 10.4 percent decrease
July 2018 = 1,989
June 2018 = 2,221
Condos/Townhomes: 14.5 percent decrease
July 2018 = 994
June 2018 = 1,162

TOTAL SOLD LISTINGS
Comparing July 2018 to July 2017 (year over year)
Single-Family: 6.5 percent decrease
July 2018 = 1,989
July 2017 = 2,127
Condos/Townhomes: 12.5 percent decrease
July 2018 = 994
July 2017 = 1,136

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