Local home prices continue to increase

Local home prices continue to increase

Sales of previously owned homes in San Diego County continued to pare down in September, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Single-family home sales dropped 20 percent in September compared to August, and were nearly 13 percent lower than the same month last year. Condominiums and townhomes similarly saw an 18 percent decrease last month, and are down about 17 percent from September of last year. So far in 2017, resale homes are off by 2.4 percent compared to the same nine months of 2016.

Median prices, however, have continued to exhibit strength throughout the year. September single-family home sale prices were unchanged from August, at just over $610,000, while condos and townhomes (attached) properties increased nearly 4 percent from the previous month, standing at $414,000. Collectively, prices are up about 10 percent from last year. In September, single-family homes were seeing offers accepted in an average of only 30 days, while attached properties were flying off the market in an average of 24 days.

“Home prices have reached unaffordable levels for many who may want to enter the housing pool,” said SDAR President Bob Kevane. “Coupled with that, established owners who want to stay in San Diego see little benefit if they were to consider moving. There’s no simple fix, but I’m advocating for a revamp of Prop. 13 to help more properties change hands.”

The most expensive residential property sold in San Diego County last month was a remodeled beach cottage on the bluffs in Del Mar – 2,300 square feet, 2 bedrooms, 3 baths – built in 1948, with a sale price of $10 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, 25 single family homes were sold in September, with 232 sold so far in 2017. The homes averaged 29 days on the market in September 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 September 2017 was $920,000 and the average median price is $900,000 so far for 2017.

Just one more single family home was sold in Scripps Ranch in August 2017 than in September 2017. The average days a single-family home was on the market in September 2017 was nine days more than in August 2017, but six days less than September 2016. The median price of single family homes sold in Scripps Ranch in September 2017 was an incredible $122,000 more than September 2016.

There were 15 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 133 sold this year so far. Attached homes were on the market in Scripps Ranch an average of 16 days in September 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 September was $507,000 and the median price for 2017 year to date is $465,000. This is an increase of $76,500 more than the median price for September 2016, and an increase of $44,000 compared to August 2017.

San Diego County
In September, the ZIP Codes in San Diego County with the most single-family home sales were:
92057 (Oceanside North) with 55
92028 (Fallbrook) with 51
92027 (Escondido East) with 45
92078 (San Marcos South) and 92127 (Rancho Bernardo West) with 45
92128 (Rancho Bernardo East) with 44

MEDIAN SALES PRICE
Comparing September 2017 to August 2017 (month over month)

Single-Family: unchanged
September 2017 = $610,250
August 2017 = $610,508

Condos/Townhomes: 4 percent increase
September 2017 = $414,000
August 2017 = $400,000

MEDIAN SALES PRICE
Comparing September 2017 to September 2016 (year over year)

Single-Family: 8 percent increase
September 2017 = $610,250
September 2016 = $565,000

Condos/Townhomes: 12 percent increase
September 2017 = $414,000
September 2016 = $370,000

TOTAL SOLD LISTINGS
Comparing September 2017 to August 2017 (month over month)

Single-Family: 20 percent decrease
September 2017 = 1,828
August 2017 = 2,294

Condos/Townhomes: 18 percent decrease
September 2017 = 949
August 2017 = 1,157

TOTAL SOLD LISTINGS
Comparing September 2017 to September 2016 (year over year)

Single-Family: 13 percent decrease
September 2017 = 1,828
September 2016 = 2,093

Condos/Townhomes: 17 percent decrease
September 2017 = 949
September 2016 = 1,140