It’s not quite month-end yet, but thought it was time to check in on the statistics for April. These stats are for single-family (detached) homes in Scripps Ranch, but I suspect similar trends would be found if other communities were analyzed. A picture is worth a thousand words, so here goes:
| NUMBER OF HOMES |
AVG. $/SF |
AVG. DAYS ON MARKET |
|
| ACTIVE LISTINGS: |
135 |
$361 |
52 |
| SOLD IN APRIL AS OF 4/28/06: |
21 |
$353 |
56 |
An interesting point here is that 50 of the 135 homes currently offered for sale in Scripps are priced over $1,000,000 (approximately 39%), while only 2 (approximately 1%) of the sold homes was valued at more than $1,000,000. Guess what the buyers are buying?
Now, if you break down the “sold” numbers by home size, here is what happens:
|
HOMES SOLD IN APRIL (AS OF 4/28/06) |
|||
| NUMBER OF HOMES |
AVG. $/SF |
AVG. DAYS ON MARKET |
|
| <2100 Sq. Ft. |
12 |
$372 |
41 |
| >2100 Sq. Ft. |
9 |
$327 |
76 |
I went through this exercise to underscore the well-known rule that smaller homes tend to command a larger price-per-square foot, as they should. The reason, of course, is that inherent in the value is the “dirt”, with the lot being the most important component in our area of the value equation.
Finally, a look back at the “average home” sold in April, 2005 reveals that 41 homes sold (versus 21 this month), and the average size was 2515 square feet (versus 2203 average square feet this month). True, April isn’t over yet, but today is our last recording day as we head into the weekend. Something to think about while you are at the beach.
ABOUT THE AUTHOR Kris Berg is Co-Owner and Designated Broker of San Diego Castles Realty. If not-so static web sites are your thing, go here at once where you will find loads of real estate information including homes for sale, market trends, floor plans and more. Kris's hobbies include fencing and spot welding. She likes kittens. 
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{ 4 comments… read them below or add one }
hi, Kris,
Enjoyed reading your analyses of Scripps Ranch housing market. It is very useful for us (buyers and sellers alike). I wonder if you could do a similar analyses on Carmel Valley/Torrey Hills (92130).
Dan
Hi Dan! Thanks for the post.
Carmel Valley coming up:
NUMBER OF HOMES AVG. $/SF AVG. DAYS ON MARKET
ACTIVE LISTINGS: 223 $440 54
SOLD IN APRIL AS OF 4/28/06: 36 $391 77
Homes over $1,000,000 currently listed represent approximately 61% (136 homes), while homes sold over $1,000,000 in April, 2006 totaled 16, or 44%.
A comparison by price range of homes sold this past month shows the following:
HOMES SOLD IN APRIL
NUMBER OF HOMES AVG. $/SF AVG. DAYS ON <2500 Sq. Ft.: 19 $401 79
>2500 Sq. Ft.: 17 $381 74
In April, 2005 at total of 45 homes closed escrow. The average home then was 3063 square feet (vs. 2892 square feet this year), and sold for $398/sf (vs. $391/sf this April).
Not at all unlike Scripps, I would say. Hope that helps.
I see the “tables” didn’t translate well here. If you can’t decode this info, let me know and I will shoot you an email.
Kris
hi, Kris,
Thank you very much for posting those statistics for Carmel Valley. Indeed, they are very similar to Scripps Ranch. It is pretty clear that the housing market overall is back to normal.
Dan