Median home price in North County for August was $755k

NSDCAR is proud to provide a monthly research tool that tracks residential real estate market activity in North San Diego County. The HomeDex report features easy-to- read analysis and in-depth statistics. Here are a few revelations from the latest report on activity for August 2018:

— The median sales price for a detached single-family home in North San Diego County reached $755,000 in August 2018, which was 9.4 percent higher than the $690,000 price in August 2017. The August 2018 figure for detached homes is higher than the year-to-date median sales price of $725,000.

— For attached homes, the median home price in the North County was $445,500 in August 2018, which was a 2.3 percent increase compared to the $435,000 price the same month a year ago. The August 2018 figure for attached homes is lower than the year-to-date median sales price of $459,100.

— 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 35 days for detached homes and 25 days for attached homes in August 2018. In August 2017, the numbers were 31 and 20 days, respectively. In July 2018, the numbers were 30 and 23 days, respectively.

— Closed sales totaled 920 detached units in August 2018, which was a 15.3 percent year-over-year drop compared to the 1,086 units sold in August 2017. For attached home, closed sales totaled 348 in August 2018, a 15.3 percent decline from August 2017’s total of 411.

— The percentage of original list price received for detached homes was 96.6 percent in August, a 0.6 percent change from 97.3 percent in August 2017. For attached homes, the percentage was 97.5 percent, a 0.8 percent difference from 98.3 percent in August 2017.

— The number of detached property listings on the market in August reached 1,445, a 10.4 percent increase from the 1,309 properties listed in August 2017. For detached properties, 568 were listed in August, a 16.4 percent increase from the 488 properties listed in August 2017. The year-to-date totals for detached listings was 11,416 through August 2018, a 1.7 percent increase from 11,221 listings through August 2017; the year-to-date total for attached property listings was 4,135 through August, a 5.4 percent increase from the 3,922 listings through August 2017.

“The economy is under scrutiny, but certainly not deteriorating,” said Carol Farrar, 2018 NSDCAR president. “While some housing experts are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approach to their predictions. Housing starts are performing admirably, prices are still inching upward, supply remains low and consumers are optimistic.”

NSDCAR cited a report from the National Association of Home Builders (NAHB) that said rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a 10-year low. Nationally, median household income has risen 2.6 percent in the last 12 months, while home prices are up 6 percent.

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.

NSDCAR’s full report for August 2018 is available here