Rising home prices obscure slow sales

Rising home prices obscure slow sales

Prices of resale homes in San Diego County continue to hike upward, while the actual number of sales labors under a lack of inventory, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of REALTORS® (SDAR).

In February, the median price of single-family resale properties rose 3 percent over the previous month, to $614,000. Condos and townhomes, meanwhile, jumped 5 percent in price, to $426,000 – the highest median price for attached properties ever recorded in the Multiple Listing Service. Year over year, the median price of all resale homes in San Diego County is up nearly 10 percent.

The number of single-family home sales in February was virtually the same as in January, despite the fact that February had fewer days. Condominiums and townhomes (attached properties) dipped by 3 percent from January to February.

“Prevailing mortgage rates are starting to rise, which will have an impact on home-buying decisions,” said SDAR President Steve Fraioli. “I’m hoping that optimism about the economy will contribute to shaking loose the market’s supply of homes this spring.”

Scripps Ranch
Seventeen single family homes in Scripps Ranch were sold in February, with 24 total sold in the first two months of 2018. The homes averaged 17 days on the market in February and an average of 22 days on the market for the year 2018. The median price of single family homes sold in Scripps Ranch in February was $930,000 and the average median price is $929,500 for 2018 so far. That’s a whopping $101,000 more than February 2017 and $54,000 more than 2017 year to date.

There were 11 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 24 total sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 21 days in February and an average of 16 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in February was $532,000 and the median price for 2018 so far is $527,500. 

San Diego County
A $21.5 million mansion on the Del Mar coast that closed in February is the most expensive home sold in the past 10 years – and one of the most expensive ever sold – in San Diego County. The oceanfront property is 6,200 square feet, with 5 bedrooms and 9 baths, on 1.11 acres.

In February, the ZIP Codes in San Diego County with the most single-family home sales were:
92024 (Encinitas) with 31
92114 (Encanto) with 31
92019 (El Cajon) with 31
92084 (Vista East) with 30
91977 (Spring Valley) with 29
92026 (Escondido North) with 29
92056 (Oceanside East) with 29

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 February 2018 to January 2018 (month over month)
Single-Family: 3 percent increase
February 2018 = $614,000
January 2018 = $595,000
Condos/Townhomes: 5 percent increase
February 2018 = $426,000
January 2018 = $405,000

MEDIAN SALES PRICE
Comparing February 2018 to February 2017 (year over year)
Single-Family: 10 percent increase
February 2018 = $614,000
February 2017 = $560,000
Condos/Townhomes: 12 percent increase
February 2018 = $426,000
February 2017 = $381,444

TOTAL SOLD LISTINGS
Comparing February 2018 to January 2018 (month over month)
Single-Family: unchanged
February 2018 = 1,337
January 2018 = 1,339
Condos/Townhomes: 3 percent decrease
February 2018 = 707
January 2018 = 732

TOTAL SOLD LISTINGS
Comparing February 2018 to February 2017 (year over year)
Single-Family: 12 percent decrease
February 2018 = 1,337
February 2017 = 1,519
Condos/Townhomes: 5 percent decrease
February 2018 = 707
February 2017 = 742