Local single family homes sell fast

Local single family homes sell fast

As home inventory continues to slump, sales of existing homes in San Diego County also labored in October, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors® (SDAR).

Single-family home sales were down 2 percent in October compared to September, and were 7 percent lower than the same month last year. Condominiums and townhomes similarly saw a 3 percent decrease in sales last month, and are down 8 percent from September of last year. So far in 2017, resale homes are off by just over 2 percent compared to the same period last year.

Median prices remained mostly level over the past month. The price of single-family homes was virtually unchanged in October, standing at $611,250. The median price of attached properties (condos and townhomes), was $407,000, an increase of only about 1 percent. Collectively, prices of all property types have risen about 8 percent from last year. Resale homes were closing escrow in an average of only 30 days in October, another reflection of the lack of inventory.

“Realtors® and home builders are watching with vested interest the negotiations for tax code reform in Washington,” said SDAR President Bob Kevane. “Decisions about the mortgage interest deduction could have a drastic effect on the incentives to be a homeowner versus a renter. SDAR and its members are lobbying our elected representatives to keep the deduction intact.”

The most expensive residential property sold in San Diego County in October was a 1959 gated craftsman home with panoramic views in Point Loma – 5,900 square feet, 4 bedrooms, 6 baths – with a sale price of $6.5 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, 27 single family homes were sold in October, with 260 sold so far in 2017. The homes averaged 22 days on the market in October 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 October 2017 was $975,000 and the average median price is $905,000 so far for 2017.

Two more single family homes were sold in Scripps Ranch in October 2017 than in September 2017. The average days a single-family home was on the market in October 2017 was seven days less than in September 2017, and 23 days less than October 2016. The median price of single family homes sold in Scripps Ranch in October 2017 was an incredible $159,750 more than October 2016.

There were 14 attached homes (condominiums or townhomes) sold in Scripps Ranch last month, with 149 sold this year so far. Attached homes were on the market in Scripps Ranch an average of 29 days in October and an average of 16 days on the market in 2017 year to date. The median price of attached homes sold in Scripps Ranch in October was $492,500 and the median price for 2017 year to date is $465,000. This is a decrease of $61,500 less than the median price for October 2016, and a decrease of $14,500 compared to September 2017.

San Diego County
In October, the ZIP Codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 58
92127 (Rancho Bernardo East) with 47
91977 (Spring Valley) with 46
92019 (El Cajon) with 45
92071 (Santee) with 42

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

Single-Family: unchanged
October 2017 = $611,250
September 2017 = $610,000

Condos/Townhomes: 1 percent increase
October 2017 = $407,000
September 2017 = $405,000

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

Single-Family: 6 percent increase
October 2017 = $611,250
October 2016 = $578,000

Condos/Townhomes: 7 percent increase
October 2017 = $407,000
October 2016 = $381,000

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

Single-Family: 2 percent decrease
October 2017 = 1,900
September 2017 = 1,934

Condos/Townhomes: 3 percent decrease
October 2017 = 978
September 2017 = 1,014

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

Single-Family: 7 percent decrease
October 2017 = 1,900
October 2016 = 2,047

Condos/Townhomes: 8 percent decrease
October 2017 = 978
October 2016 = 1,075