Rising home prices overshadow sluggish sales
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Rising home prices overshadow sluggish sales, according to the Greater San Diego Association of REALTORS® SAN DIEGO (March 7, 2018) – 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®. 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 single-family home sales in February were 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.” 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 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. SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. 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 ### The Greater San Diego Association of REALTORS® is the largest trade association in the San Diego County and the largest REALTOR® association in California. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also help people realize the dream of home ownership, and we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.
Rising home prices overshadow sluggish sales, according to the Greater San Diego Association of REALTORS® SAN DIEGO (March 7, 2018) – 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®. 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 single-family home sales in February were 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.” 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 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. SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. 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 ### The Greater San Diego Association of REALTORS® is the largest trade association in the San Diego County and the largest REALTOR® association in California. We help our members, who adhere to a code of ethics and professional standards, sell more homes. We also help people realize the dream of home ownership, and we are dedicated to protecting private property rights. You can follow SDAR on Facebook, Twitter and YouTube.
