Resale home prices are at record levels
Prices of resale homes continued their record run in June, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors®.
Single-family home prices were up 2 percent month over month, hitting $655,000. That’s nearly 7 percent higher than a year ago. Condominiums and townhomes (all attached properties) edged up 1 percent in the past month, to $425,000, an increase of 4 percent from June of last year. For the first six months of the year, prices of all previously owned homes are up nearly 8 percent.
The number of sales of single-family homes in June was down 2 percent from May, and significantly lower (17 percent) from June of 2017. Condo and townhome sales in June were down 3 percent month over month, and down 12 percent from June of last year.
In June, resale properties were closing escrow in an average of only 25 days, reflecting the high competition among buyers and lack of properties on the market.
“Our housing market is definitely active this summer,” said SDAR President Steve Fraioli. “The result is quick sales above asking price. Inventory is likely to be persistently lower, but I think San Diego County will finish the summer on an upswing.”
Scripps Ranch
Twenty-seven single family homes in Scripps Ranch were sold in June, with 122 total sold so far in 2018. The homes averaged 23 days on the market in June 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 June was $990,000 and the average median price is $972,450 for 2018 so far. That’s $85,000 more than June 2017, and the median price year to date for 2018 is $75,450 more than the median price for 2017 overall at this time last year.
There were 16 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 83 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 7 days in June and an average of 13 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in June was $502,500 and the median price for 2018 so far year to date is $530,000. That’s $25,000 more than June 2017, and the median price for 2018 year to date is $73,000 more than the median price for 2017 at this time last year.
San Diego County
In June, the ZIP Codes in San Diego County with the most single-family home sales were:
92009 (Carlsbad Southeast) with 58
92028 (Fallbrook) with 56
92127 (Rancho Bernardo West) with 49
92078 (San Marcos South) with 51
91910 (Chula Vista N), 92128 (Rancho Bernardo E), and 92129 (Penasquitos), each with 48
The most expensive single-family property sold in San Diego County in June was a 2,464-square-foot home in Del Mar with 50 feet of beachfront, built in 1963, 4 bedrooms, 4 baths, and sale price of $7.5 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:
MEDIAN SALES PRICE
Comparing June 2018 to May 2018 (month over month)
Single-Family: 2 percent increase
June 2018 = $655,000
May 2018 = $645,000
Condos/Townhomes: 1 percent increase
June 2018 = $425,000
May 2018 = $421,000
MEDIAN SALES PRICE
Comparing June 2018 to June 2017 (year over year)
Single-Family: 7 percent increase
June 2018 = $655,000
June 2017 = $615,000
Condos/Townhomes: 4 percent increase
June 2018 = $425,000
June 2017 = $410,196
TOTAL SOLD LISTINGS
Comparing June 2018 to May 2018 (month over month)
Single-Family: 2 percent decrease
June 2018 = 2,124
May 2018 = 2,174
Condos/Townhomes: 3 percent decrease
June 2018 = 1,103
May 2018 = 1,137
TOTAL SOLD LISTINGS
Comparing June 2018 to June 2017 (year over year)
Single-Family: 17 percent decrease
June 2018 = 2,124
June 2017 = 2,549
Condos/Townhomes: 12 percent decrease
June 2018 = 1,103
June 2017 = 1,257