Earlier this year, I published a blog speculating on whether home prices in San Diego County were about to peak. If you missed the blog, you can check it out here. As we head into fall, there are warning signs that home prices in San Diego have now indeed peaked. Homes are staying on the market for longer, many don’t receive multiple offers, and many sellers are forced to reduce their price in order to get the home under contract.
While prices in many cities have statistically increased in 2018, moving forward, it’s unlikely the steady growth on the graphs below will continue.
So what does that mean for you as a San Diego County homeowner? It means that if you’ve been waiting to sell your home, now may be the time to prepare for a sale. It’s anticipated that our inventory will reflect a Buyer’s market by 2020 and this leaves one more strong selling season before prices reflect such a change. If you want to maximize the sales price of your home, call me at (858) 735-5767 to get started!
San Diego County
In San Diego County the median sales price for a detached single family home is up 7.1% from August 2017, making the median price now $637,000. The median price for townhomes and condos has also increased by 7% from last year, making the median sales price $417,250.
Carmel Valley has seen significant increase in the median sales price of homes over the last year as well. The median price for a detached single family home is now $1,315,525. This increase is up 7.8% from August 2017. Townhomes and condos are now selling for an average price of $615,500, an increase of 4.3% in the last 12 months.
The median sales price for a home in Del Mar is $2,000,000. This is a 7.5% increase from August 2017! A condo or townhome in Del Mar now sells for an average price of $1,080,000. This is up 4.9% from the previous year.
La Jolla has also seen an increase in home prices since this time last year. The price of a detached home has increased by 5.9%, making the median sales price $2,150,000. Townhome and condo prices have also gone up 4.8% since August 2017, bringing the median sales price to $712,750.
Home prices in the city of Solana Beach are up 3.9% from last year, making the median price for a detached single family home now $1,535,000. But townhome and condo prices in Solana Beach have really skyrocketed! The median price for a condo has increased 13.5% since August 2017, making the average sales price $952,500.
[All data sourced from Sandicor MLS on September 13th, 2018]