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More record prices: condominiums lead

More record prices: condominiums lead

Prices of resale homes in San Diego County continued their record run in June, with condominium prices jumping 6 percent in one month, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Condominiums and townhomes (all attached properties) leaped to a median price of $415,000 in June, nearly 6 percent higher than May, and 10 percent higher than June of last year. Single-family homes edged up 1 percent month over month, and are also 10 percent higher than June 2016.

The number of sales of single-family homes in June was unchanged from May, and was down 3 percent from June of last year. Condos and townhome sales were down 14 percent over the past month, and were 9 percent lower than June 2016. For the first six months of 2017, sales of existing homes are slower by 2 percent compared to the same period last year.

In June, single-family homes were selling in an average of only 28 days, while condos and townhomes closed an average of 20 days from the point that they went on the market.

“These statistics point to the gravity of the housing shortage in San Diego and California,” said SDAR President Bob Kevane. “This isn’t a crisis that occurred overnight, and it will take some bold changes to Prop 13 to keep us from becoming a renter-majority state.”

Scripps Ranch
In Scripps Ranch, 45 single family homes were sold in June, with 154 total sold so far in 2017. The homes averaged 25 days on the market in June and a yearly average of 23 days on the market in 2017 so far. The average median price of single family homes sold in Scripps Ranch in June 2017 was $905,000 and the average median price is $897,000 so far for 2017.

There were 17 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 73 total sold this year. Attached homes were on the market in Scripps Ranch an average of 11 days in June and an average of 16 days on the market in 2017 year to date. The median price of attached homes sold in Scripps Ranch in June was $480,000 and the median price for 2017 year to date is $455,000.

San Diego County
In June, the ZIP Codes in San Diego County with the most single-family home sales were:

  • 92028 (Fallbrook) with 86
  • 92126 (Escondido North) with 58
  • 92009 (Carlsbad Southeast) with 58
  • 92056 (Oceanside East) with 56
  • 92064 (Poway) with 56

The most expensive residential property sold in San Diego County last month was an estate with panoramic views in Rancho Santa Fe — 12,500 square feet, six bedrooms and 10 baths — selling for $11 million.

SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS).

Here is a countywide summary:

MEDIAN SALES PRICE
Comparing June 2017 to May 2017 (month over month)
Single-Family: 1 percent increase
June 2017 = $619,900
May 2017 = $612,722
Condos/Townhomes: 6 percent increase
June 2017 = $415,000
May 2017 = $393,000

MEDIAN SALES PRICE
Comparing June 2017 to June 2016 (year over year)
Single-Family: 10 percent increase
June 2017 = $619,900
June 2016 = $563,000
Condos/Townhomes:
10 percent increase
June 2017 = $415,000
June 2016 = $377,000

TOTAL SOLD LISTINGS 
Comparing June 2017 to May 2017 (month over month)
Single-Family:
Unchanged
June 2017 = 2,340
May 2017 = 2,339
Condos/Townhomes:
9 percent decrease
June 2017 = 1,138
May 2017 = 1,248

TOTAL SOLD LISTINGS 
Comparing June 2017 to June 2016 (year over year)
Single-Family:
3 percent decrease
June 2017 = 2,340
June 2016 = 2,358
Condos/Townhomes:  
14 percent decrease
June 2017 = 1,138
June 2016 = 1,323

1,342 thoughts on “More record prices: condominiums lead”
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