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North San Diego County Housing Market Holds Steady in June

North County Association of Realtors reports on North County housing market for June 2017

San Diego County CA— The median sales price for a detached single-family home in North San Diego County remained at an even $700,000 in June, which was the same price as the previous month of May, according to a just-released Homedex Housing Report from the North San Diego County Association of Realtors (NSDCAR), a 4,500-member real estate trade group for San Diego-area realtors. However, June’s median sales price represented a 7.7 percent increase from June 2016, when the median sales price was $630,000, NSDCAR said.

“There has been a general slowdown in sales,” said Michael Carunchio, 2017 NSDCAR president. “There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for several months, low inventory is the primary culprit for any sales malaise rather than lack of offers.”

Additional findings from NSDCAR’s June 2017 report of residential real estate activity in North San Diego County include:

  •  The median sales price in June for an attached home was $446,500, an increase of $436,000 from May 2017, and a 10.2 percent increase from June 2016, when the median sales price was $410,000.
  • The average number of days for a North County home on the market in June (between when a property is listed and an offer is accepted) was 29 days for attached home and 19 days for a detached home. In June 2016, the numbers were 34 and 22 days, respectively.
  • The number of closed sales in June for detached homes was 1,121 and 422 for detached homes. Those numbers were lower compared to the same month in 2016 by 2.8 percent and 13.2 percent, respectively.

“With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue,” said Carunchio. “The rate of new home construction has been drifting lower and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high.”

NSDCAR’s full report for June is available here, http://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.