The median sales price for a detached single-family home in North San Diego County reached $680,000 in October, which was 4.6 percent higher than the $650,000 price in October 2016, according to a just-released housing market report from the North San Diego County Association of Realtors (NSDCAR), a 4,500-member real estate trade group for San Diego-area realtors. The October 2017 figure for detached homes is nearly the same as the year-to-date median sales price of $675,000.
For attached homes, the median home price in the North County was $413,500 in October, a 2.1percent increase compared to the $405,000 price the same month a year ago, NSDCAR said. The October 2017 figure for attached homes is similar as the year-to-date median sales price of $430,000.
“Last year at this time, the storyline was how high demand was propping up sales and prices despite low inventory,” said Michael Carunchio, 2017 NSDCAR president. “Today, home prices have reached nearly unaffordable levels for many new potential homebuyers while established owners are less interested in moving.”
Additional findings from NSDCAR’s October 2017 report of residential real estate activity in North San Diego County include:
— The average number of days for a North County home on the market (the time between when a property is listed and an offer is accepted) was 36 days for detached homes and 25 days for attached homes. In October 2016, the numbers were 38 and 32 days, respectively. In September 2017, the numbers were 33 and 23 days, respectively.
— Closed sales totaled 841 detached units in October, an 11.6 percent year-over-year drop compared to the 951 units sold in October 2016. For attached home sales, closed sales totaled 345 in October, a 12.2 percent change from October 2016’s total of 393.
— The percentage of original list price received for attached homes was 95.5 percent in October, a 0.4 percent change from 96.1 percent in October 2016. For detached homes, the percentage was 98 percent, a 0.6 percent difference from 97.4 percent in October 2016. In comparison, on a statewide basis in August (the most recent figures available), 28 percent of homes sold below the asking price, 43 percent at the asking price and 29 percent above the asking price, according to the California Association of Realtors (CAR).
“Although inventory levels are low in many neighborhoods, there has been enough listing activity to keep prices from skyrocketing towards another bubble,” said Carunchio. “However, with a healthy economy and high level of demand, plus growing job creation, sellers will be hard-pressed to lower prices.”
NSDCAR’s full report for October is available here, nsdcar.stats.10kresearch.com/docs/mmi/x/report?src=page.
San Diego North County neighborhoods covered in the NSDCAR report stretch northward from Carmel Valley along the coast, including Del Mar, Solana Beach, Cardiff, Encinitas, Rancho Santa Fe, Carlsbad and Oceanside, plus inland areas north of Rancho Bernardo, including Rancho Penasquitos, Poway, Escondido, Vista and San Marcos, as well as rural communities such as Ramona, Pauma Valley, Valley Center, Pala, Fallbrook and Bonsall.
With service centers in Vista, Carmel Valley, Carlsbad, Escondido and Fallbrook, NSDCAR offers San Diego County realtors access to the Sandicor MLS, along with educational training, advocacy and other services and resources. For more information on NSDCAR, visit www.NSDCAR.com.