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La Jolla and Rancho Santa Fe continued to be the place for the most expensive home sales in San Diego County in 2017.
The most expensive house to sell in the county was a beach front property in La Jolla for $12 million.
Built in 1993, 6106 Camino de la Costa features panoramic ocean views and its own private sandpit on the water. Property records say it was purchased by Neil Smit, former CEO of Comcast.
Real estate agent Russ Clark said the home is on a peninsula lot that maximized views of the ocean.
“You had views of Point Loma and Mission Beach,” he said, “so at night you could see lights reflecting on the water.”
The top five home sales in 2017 equaled $54.5 million. That’s down from $79.9 million total for the top five the previous year.
One of the most expensive homes to sell last year, 16568 La Gracia in Rancho Santa Fe, sold twice. Real estate agent Megan Luce said her clients bought the property in April but realized they weren’t there as much as their other properties so they decided to sell.
“I couldn’t believe they were selling so soon,” she said. “But, the property is breathtaking and I was excited to go into it again.”
Luce did not want to give the buyers’ names, and it is unclear from property records who they were. The home was purchased by...
The San Diego County housing market is positioned to finish 2017 with near-record prices.
- The county median home price has increased 9.1 percent in a year
- November’s median price of $540,000 was the second-highest of the year
- Real estate agents say buyers are paying more as inventory stays low
San Diego County housing prices: Here’s the full story
In November, the median home price in San Diego County reached $540,000, its second-highest of the year, said real estate tracker CoreLogic. The highest all-time median of $545,000 was in June.
Led by significant price increases in the resale single-family home market, the county’s median home price has increased 9.1 percent in a year.
November’s numbers buck the trend of decreasing or stable prices around the end of the year. Real estate agents say a big reason for the increase this season was a continued lack of homes for sale, based on historic averages, and buyers willing to pay more to get a home.
“A lot of buyers have held out for more inventory coming on the market. They’ve waited and that’s not happening,” said Jan Ryan, a Re/Max agent based in Ramona. “They’ve gotten to the point of realizing it’s not getting any better.”
Despite the increase in price, there was no noticeable increase in the number of sales. There were 3,287 sales in November, the third lowest of any month this year. The most was June with 4,318 sales.
Branden Matlock, a real estate agent with The Condo Showroom...
Read more: San Diego home median reaches $540K, second highest of the year
Southern California home prices surged 8.6% in November compared with a year earlier, tying an all-time high that underscores a drum-tight housing market with few properties for sale, according to a report released Wednesday.
The six-county region’s median home price hit $505,000 last month, a nominal record last seen in September and, before that, in 2007 before the housing market collapsed.
November sales, meanwhile, were essentially flat, down just 0.1% from a year earlier.
The report, released by data firm CoreLogic, reveals a housing market that shows little sign of slowing down. A combination of strong job growth, historically low mortgage rates and a shortage of listings is driving prices ever higher.
The region’s median home price hasn’t fallen on a year-over-year basis in more than five years.
Prices rose in all six counties tracked by CoreLogic.
- Los Angeles County: up 7% to $567,000.
- Orange County: up 6.1% to $700,000.
- Riverside County: up 7.4% to $365,000.
- San Bernardino County: up 7.6% to $317,500.
- San Diego County: up 9.1% to $540,000.
- Ventura County: up 10.5% to $580,000.
There are some potential headwinds on the horizon, however.
The tax bill signed into law by President Trump this month makes key changes to what households can deduct, including a new $750,000 cap on the mortgage interest deduction and a $10,000 cap on a combination of state income and property taxes.
Those provisions could crimp demand in some upscale...
Read more: Southern California home prices surge, tying an all-time high
Homes in major markets have realized over $10,000 in the last year in value, according to the October Zillow® Real Estate Market Report. In fact, the median nationally has risen over $12,500. Appreciation is highest in the San Jose, Calif., metropolitan area, where prices have soared $118,200, or 12.3 percent, to a median $1,076,400. Nationally, there are now 11.7 percent fewer homes for sale compared to one year ago.
“We are in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country,” says Dr. Svenja Gudell, chief economist at Zillow. “Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can. But with homes gaining so much value in just one year, buyers—especially first-time buyers—have to set aside more and more money for a down payment just to keep up with them. Unfortunately, there’s just not enough homes for sale, and demand will continue to drive prices higher until we reach a better balance between supply and demand.”
For more information, please visit www.zillow.com.
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Read more: Homes in Major Markets Realize Thousands in One Year