NEWS

Home prices jump in Scripps Ranch

Home prices jump in Scripps Ranch

Sales of existing homes slumped in November as the buying season cooled in San Diego overall, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors®.

Single-family home sales last month in San Diego County were down by 15 percent compared to October, and by just over 14 percent from November 2016. Condominium and townhome sales in November were down 19 percent from the previous month, and 18 percent from a year ago. As 2017 winds down, sales of existing homes are off by 3 percent compared to 2016.

Prices continue to rise, with the median price of single-family homes exceeding $625,000 in November, a nearly 3 percent increase from October. The median price of attached properties (condos and townhomes) was $407,500, a slight increase from the previous month. Collectively,

residential resale prices are up 12 percent since November 2016. Resale properties are closing escrow in an average of 30 days.

“While we don’t expect a quick fix to our housing affordability and availability crises, we are more immediately concerned that the tax reform proposals moving through Washington may have a negative effect on home ownership,” said SDAR President Bob Kevane. “SDAR and its state and national Realtor® associations are advocating to maintain the current law for mortgage interest deductions and capital gains exclusions.”

The most expensive residential property sold in San Diego County in November was a gated estate in La Jolla Shores with a sweeping ocean view – 9,900 square feet, 8 bedrooms, 9 baths – built in 1999. The sale price was $7.83 million.

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

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.

Scripps Ranch
In Scripps Ranch, 32 single family homes were sold in November, with 293 sold so far in 2017. The homes averaged 25 days on the market in November and an average of 23 days on the market for the year 2017 so far. The median price of single family homes sold in Scripps Ranch in November 2017 was $1,001,500 and the average median price is $909,930 so far for 2017.

Five more single family homes were sold in Scripps Ranch in November 2017 than in October 2017. The average days a single-family home was on the market in November 2017 was three days more than in October 2017, but 16 days less than November 2016. The median price of single family homes sold in Scripps Ranch in November 2017 was $131,500 more than November 2016.

There were 11 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 162 sold this year so far. Attached homes were on the market in Scripps Ranch an average of 13 days in November and an average of 15 days on the market in 2017 year to date. The median price of attached homes sold in Scripps Ranch in November was $550,000 and the median price for 2017 year to date is $468,000. This is an increase of $104,250 more than the median price for November 2016, and an increase of $57,500 compared to October 2017.

San Diego County
In November, the ZIP Codes in San Diego County with the most single-family home sales were:
92064 (Poway) with 51
92121 (El Cajon) with 47
92078 (San Marcos) with 46
92026 (Fallbrook) with 45
92065 (Ramona) with 42

MEDIAN SALES PRICE
Comparing November 2017 to October 2017 (month over month) 
Single-Family: 3 percent increase
November 2017 = $625,058
October 2017 = $609,500
Condos/Townhomes: 1 percent increase
November 2017 = $407,500
October 2017 = $402,000

MEDIAN SALES PRICE
Comparing November 2017 to November 2016 (year over year) 
Single-Family: 12 percent increase
November 2017 = $625,058
November 2016 = $559,000
Condos/Townhomes: 12 percent increase
November 2017 = $407,500
November 2016 = $365,000

TOTAL SOLD LISTINGS
Comparing November 2017 to October 2017 (month over month)
Single-Family: 15 percent decrease
November 2017 = 1,673
October 2017 = 1,964
Condos/Townhomes: 19 percent decrease
November 2017 = 839
October 2017 = 1,041

TOTAL SOLD LISTINGS
Comparing November 2017 to November 2016 (year over year) 
Single-Family: 14 percent decrease
November 2017 = 1,673
November 2016 = 1,953
Condos/Townhomes: 18 percent decrease
November 2017 = 839
November 2016 = 1,023

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