Median home price hits $650,000 in SD

Median home price hits $650,000 in SD

Single-family home prices in San Diego County hit a record high in May, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of REALTORS®.

The median price for single-family (detached) homes was $650,000 in May. Attached properties (condominiums and townhomes) settled at a median price of $421,000 last month, just under their record price set in April. Overall, home prices have seen a year-over-year increase of 6.5 percent for all resale properties.

Single-family home sales in May increased by 5 percent over April, while sales of condos and townhomes rose by just over 2 percent. For the year to date 2018, however, sales of existing homes are down nearly 8 percent over last year.

San Diego homes continue to be scooped up soon after they go on the market. In May, single-family homes were closing escrow in an average of only 26 days, while attached properties were closing in only 21 days.

“Prospective home buyers should expect a competitive housing market throughout the summer,” said SDAR President Steve Fraioli. “Fortunately, the low inventory of homes for sale doesn’t seem to be dampening their demand.”

Scripps Ranch
Twenty-four single family homes in Scripps Ranch were sold in May, with 94 total sold so far in 2018. The homes averaged 24 days on the market in May and an average of 20 days on the market for the year 2018. The median price of single family homes sold in Scripps Ranch in May was $874,000 and the average median price is $934,500 for 2018 so far. That’s $23,000 less than May 2017, but the median price year to date for 2018 is $39,500 more than the median price for 2017 overall at this time last year.

There were 12 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 66 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 7 days in May and an average of 15 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in May was $619,000 and the median price for 2018 so far year to date is $530,000. That’s a whopping $141,500 more than May 2017, and the median price for 2018 year to date is $82,500 more than the median price for 2017 at this time last year.

San Diego County
In May, the ZIP Codes in San Diego County with the most single-family home sales were:
92057 (Oceanside North) with 63
92130 (Carmel Valley) with 58
92026 (Escondido North) with 53
92028 (Fallbrook) with 51
92128 (Rancho Bernardo East) with 49

The most expensive single-family property sold in San Diego County in May was a half-acre oceanfront home in the Beach Colony neighborhood of Del Mar, built in 1982, with more than 4,600 square feet, 4 bedrooms, 5 baths, a guest cottage and a sale price of $16.5 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:

Comparing May 2018 to April 2018 (month over month)
Single-Family: 1 percent increase
May 2018 = $650,000
April 2018 = $640,500
Condos/Townhomes: 1 percent decrease
May 2018 = $421,000
April 2018 = $425,000

Comparing May 2018 to May 2017 (year over year)
Single-Family: 6 percent increase
May 2018 = $650,000
May 2017 = $610,750
Condos/Townhomes: 7 percent increase
May 2018 = $421,000
May 2017 = $392,500

Comparing May 2018 to April 2018 (month over month)
Single-Family: 5 percent increase
May 2018 = 2,061
April 2018 = 1,962
Condos/Townhomes: 2 percent increase
May 2018 = 1,069
April 2018 = 1,045

Comparing May 2018 to May 2017 (year over year)
Single-Family: 13 percent decrease
May 2018 = 2,061
May 2017 = 2,362
Condos/Townhomes: 15 percent decrease
May 2018 = 1,069
May 2017 = 1,258

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