For sale sign
A for sale sign in San Diego. Photo by Chris Stone

A “dramatic reduction” in inventory led to a 15 percent year-over-year decline in sales of existing single-family homes in December, the Greater San Diego Association of Realtors reported Tuesday.

In its monthly report, the association said sales of condominiums and townhomes declined 12 percent year-over-year, and sales of all types of homes were off 3 percent for the year as a whole compared to 2016.

“The number of homes for sale, the average days on the market, and housing affordability are challenging for prospective buyers in this San Diego market,” said association President Steve Fraioli. “The only thing that’s certain in this 2018 housing climate is that sellers have the upper hand and should achieve their asking price…or better.”

The median price of a single-family home was $612,750 in December, an 8 percent increase over the year. Condominiums and townhomes finished at a median price of $407,000, 12 percent higher than a year ago.

Single-family homes averaged 40 days on the market in December, and were closing escrow in an average of 30 days.

In December, the zip codes in San Diego County with the most single-family home sales were:

  • 92026 (Fallbrook) with 44
  • 92027 (Escondido East) with 42
  • 92057 (Oceanside North) with 40
  • 92071 (Santee) with 40
  • 92078 (San Marcos South) with 39

The most expensive single-family property sold in December was a single-level home in Rancho Santa Fe, built in 2017, with 8,250 square feet, 7 bedrooms, and 7 baths. The sale price was $10.85 million.

Chris Jennewein is Editor & Publisher of Times of San Diego.