The inventory of homes for sale in San Diego remains extremely low, and dropping. There were 4,832 houses for sale in March, which was 15.6% lower than the same month last year. Similarly, there were only 2,051 condos and townhomes for sale in March, which was 17.9 lower than a year earlier. At the current pace of home sales, this represents just 2.5 month supply of houses, and 2.2 month supply of condos. The typical rule of thumb is that a six month supply of homes is a real estate market in equilibrium. Less than a six month supply is a seller’s market, and more than six month supply is a buyer’s market. The combination of rising prices and falling supply makes it pretty clear that this is still a seller’s market.
New Homes for Sale in Rancho Penasquitos 92129
New home developers are stepping up to meet the lack of inventory of homes for sale in San Diego County. A good example of this is the development of Rhodes Crossing in Rancho Penasquitos 92129. The housing development, known as “Merge 56” will add 242 homes for sale in Rancho Penasquitos, located at the Camino Del Sur exit off of Highway 56. The residential mix will consist of 84 houses, 111 townhomes, and 47 “affordable housing” units, basically apartments. The neighborhood will also include commercial space and offices in a pedestrian-friendly layout.
Also nearby Rancho Penasquitos in Del Sur 92127, Standard Pacific continues to build upscale homes. The houses being built at The Estates at Del Sur include luxury homes up to 7,384 square feet. More luxury homes are also being built in Encinitas, further into North County San Diego. The development called “Mainhouse” by the builder City Ventures will include just 11 semi-custom luxury homes priced from the low $2 Million price point.
San Diego Real Estate News
There were 1,890 houses sold in San Diego County during the March 2015, and 906 attached condominiums and townhomes sold, a volume increase of about 4% over last year. The average sale price of houses increased to $690,134, up 5.7% from a year earlier. The median price of houses was up 6% to $519,540. So both the median and the average prices suggest that prices are up about six percent in the past 12 months.
Condominiums in San Diego are showing significantly more upward price momentum. The median price of the condos and townhomes sold in March 2015 was $348,825 and the average sold price was $409,378. These prices represent increases of 15.4% and 9.7%, respectively. So condos have increased in value two or three times as much as San Diego houses in the past year. The market recovery for attached homes appears to have lagged behind an earlier recovery of house prices in the county.
Contact Geoff Schiering at 619-200-7612 for additional information about homes in Central and North County San Diego, including new homes for sale in Rancho Penasquitos.