Spring has sprung for home sales

Spring has sprung for home sales

Sales of existing homes in San Diego County soared in March after a dreary January and February, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors®.

Single-family home sales rose 24 percent compared to February, and attached properties (condos and townhomes) jumped 21 percent. However, sales for the first quarter of 2018 are still lower than the same quarter last year by nearly 9 percent, pointing to a lack of properties available on the market.

In March, the median price of single-family homes grew by 4 percent to $635,000, while the price of condos and townhomes pulled back 3 percent from their historic high last month, landing at just over $412,000. The year-over-year price increase is 10 percent for single-family homes, and 6 percent for attached properties.

The supply of resale properties on the market edged up slightly, to 1.7 months, although 5 to 6 months is considered a healthy level. Homes were selling in March in an average of only 26 days.

“The housing market in San Diego is showing resiliency despite a slow first quarter,” said SDAR President Steve Fraioli. “The March sales figures show that buyer demand remains strong, which is reflected in the steady rise in prices.”

Scripps Ranch
Twenty-four single family homes in Scripps Ranch were sold in March, with 50 total sold in the first three months of 2018. The homes averaged 16 days on the market in March 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 March was $1,077,500 and the average median price is $965,000 for 2018 so far. That’s an incredible $273,502 more than March 2017 and $129,250 more than 2017 at this time last year.

There were 13 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 38 sold in 2018 year to date. Attached homes were on the market in Scripps Ranch an average of 10 days in March and an average of 14 days on the market for 2018 so far. The median price of attached homes sold in Scripps Ranch in March was $530,000 and the median price for 2018 so far is also $530,000. That’s $99,000 more than this time of year in 2017.

San Diego County
In March, the ZIP Codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 61
92056 (Oceanside North) with 52
92130 (Carmel Valley) with 46
92064 (Poway) with 45
92056 (Oceanside East) with 44

The most expensive single-family property sold in San Diego County in March was an oceanfront home in Carlsbad, built in 2007, with more than 6,300 square feet, 5 bedrooms, 8 baths, 2 kitchens, a music studio, glass elevator, glass tile pool and jacuzzi, and a sale price of $11.5 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 March 2018 to February 2018 (month over month)
Single-Family: 4 percent increase
March 2018 = $635,000
February 2018 = $610,500
Condos/Townhomes: 3 percent decrease
March 2018 = $412,250
February 2018 = $424,950

Comparing March 2018 to March 2017 (year over year)
Single-Family: 10 percent increase
March 2018 = $635,000
March 2017 = $575,060
Condos/Townhomes: 6 percent increase
March 2018 = $412,250
March 2017 = $390,000

Comparing March 2018 to February 2018 (month over month)
Single-Family: 24 percent increase
March 2018 = 1,760
February 2018 = 1,417
Condos/Townhomes: 21 percent increase
March 2018 = 926
February 2018 = 766

Comparing March 2018 to March 2017 (year over year)
Single-Family: 18 percent decrease
March 2018 = 1,760
March 2017 = 2,139
Condos/Townhomes: 14 percent decrease
March 2018 = 926
March 2017 = 1,083

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