Recent statistics show that single - family home prices in San Diego hit a record high in May, reaching $650,000. Attached properties settled at a median price of $421,000 last month, just under their record price set in April. Overall, home prices have seen a year-over-year increase of 6.5 percent for all resale properties.
Prospective home buyers should expect a competitive housing market throughout the summer. Fortunately, the low inventory of homes for sale doesn’t seem to be dampening their demand.
Single-family home sales in May increased by 5 percent over April, while sales of condos and townhomes rose by just over 2 percent. For the year to date 2018, however, sales of existing homes are down nearly 8 percent over last year.
San Diego homes continue to be scooped up soon after they go on the market. In May, single-family homes were closing escrow in an average of only 26 days, while attached properties were closing in only 21 days. The most expensive single-family property sold in San Diego County in May was a half-acre oceanfront home in the Beach Colony neighborhood of Del Mar, built in 1982, with more than 4,600 square feet, 4 bedrooms, 5 baths, a guest cottage, and a sale price of $16.5 million.