It’s time for some San Diego and Scripps Ranch real estate market trends.
This business of home sale statistics is tricky and confusing. Like everything else, it depends who you ask. As reported in the San Diego Union Tribune and according to the Case-Shiller Index of real estate prices (who can dispute Case-Shiller?), San Diego County housing prices have dropped 9.6% in the past year.
The California Association of Realtors shows a 6.2% year-over-year price decline for single family detached homes in San Diego. DataQuick’s numbers are by region and zip code and range from overall declines of 2.9% in the North County Coastal communities to a 17.8% decline in the harder-hit South County. DataQuick also shows a 3.1% increase in prices for Central San Diego detached homes and a 11.4% increase for new construction, and an overall 24.2% increase in Scripps Ranch prices. Yeah, right. Finally, Zillow brings the Scripps Ranch Zindex in at -1.3% and places the year-over-year San Diego Zindex at -8.9%
I much prefer the intuitive approach. As a foot soldier in the trenches, this much I will tell you with certainty: Pricing pressure continues downward, market times are up, sales are down, and there really are some decent values for those who need or want to buy in this market if you know where to look and if you look in terms of value today and not where you think values might be on American Home Buying Day.
It helps to take a few steps back and consider the bigger picture, and this is where Altos charts are most useful. I particularly like their Market Action Index, which is a measure of supply versus demand. Altos describes a Market Action Index of below 30 as buyer’s market territory. As the index continues to trend downward in sub-30 territory, it is reasonable to expect that prices will follow. These charts for San Diego and for Scripps Ranch show that the market continues to be more favorable to buyers.
You can always find the real time charts for San Diego and for six inland communities, including Scripps Ranch, on our website here. The tables on our site are manually updated, and as we get busy, they may date back a few weeks. Rest assured that by dinner time, these will be current as of today. At least, that is my plan.