The Scripps Ranch region is located in northern San Diego County, California. The community is located off Interstate 15, and is just north of Marine Corps Air Station, Miramar.
The real estate and homes for sale in Scripps Ranch fall in the upper-income category. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 190 single-family homes were sold. Approximately 236 homes were sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $775,000, compared to $758,750 in July 2005, which represents a 3.3% increase. The average price of homes in July 2006 was $851,615, compared to $812,145 in July 2005, which represents a 5% increase. Approximately 24 homes were sold in July 2006 and 44 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $759,250, compared to $750,000 in June 2005, which represents a 2.8% increase. The average price of homes in June 2006 was $804,345, compared to $792,878 in June 2005, which represents a 3.3% increase. Approximately 34 homes were sold in June 2006 and 43 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $781,500, compared to $792,000 in May 2005, which represents a 3.2% drop. The average price of homes in May 2006 was $844,458, compared to $817,226 in May 2005, which represents a 2.9% increase. Approximately 36 homes were sold in May 2006 and 31 in May 2005. The data for May 2006 was mixed, as the median priced decreased 3.2% and the average price increased 2.9%.
The median price of homes in April 2006 was $710,000, compared to $834,500 in April 2005, which represents a 14.9% drop. The average price of homes in April 2006 was $748,911, compared to $841,447 in April 2005, which represents a 10.5% drop. Approximately 28 homes were sold in April 2006 and 40 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $687,500, compared to $731,500 in March 2005, which represents an 8.1% drop. The average price of homes in March 2006 was $755,052, compared to $762,994 in March 2005, which represents a 1.50% drop. Approximately 32 homes were sold in March 2006 and 34 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $747,500, compared to $710,000 in February 2005, which represents a 4.5% increase. The average price of homes in February 2006 was $850,744, compared to $719,400 in February 2005, which represents a 14.3% increase. Approximately 16 homes were sold in February 2006 and 25 in February 2005. In summary, there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $710,500 in January 2006, compared to $820,000 in January 2005, which represents a 14.1% drop. The average price of homes in January 2006 was $739,900, compared to $801,168 in January 2005, which represents a 7.9% drop. Approximately 20 homes were sold in January 2006 and 19 in January 2005. In summary, there was a downward price trend in January 2006 compared to the same period last year.
So what does the above data tell us? Overall, there was a 19.5% decline in the number of homes sold from 2005 to 2006. Besides that, no clear patterns emerged. Three of seven months (February, June and July 2006) had increases in the median and average price (range 2.8% to 14.3%). In contrast, three of seven months (January, March, and April 2006) had decreases in the median and average price (range ?1.5% to -14.9%). The data for May 2006 was mixed, as the median price decreased (-3.2%) and the average price increased (2.9%) from the same period last year. A longer period of evaluation is needed to determine if enduring price patterns emerge.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Scripps Ranch, San Diego.
