The median sales price for a detached single-family home in East County reached $535,000 in August 2018, which was 5.4 percent higher than the $507,500 price in August 2017, according to the Pacific Southwest Association of Realtors (PSAR), a trade group for San Diego-area realtors. The August 2018 monthly figure for detached homes is higher than the year-to-date median sales price of $522,000, said PSAR, which operates an office in El Cajon.
For attached homes, PSAR said the median home price in the East County was $330,000 in August 2018, which was 11.9 percent higher compared to the $295,000 price the same month a year ago. The August 2018 monthly figure for attached homes is higher than the year-to-date median sales price of $320,000.
In addition, PSAR said the average number of days in August for an East County home on the market (the time between when a property is listed and an offer is accepted) was 31 days for detached homes and 17 days for attached homes. In August 2017, the numbers were 32 and 22 days, respectively.
Also, the percentage of original list price received for detached homes was 98.4 percent in August, a 0.3 percent change from 98.7 percent in August 2017. For attached homes, the percentage was 99.3 percent in August, a 0.4 percent difference from 99.7 percent in August 2017.
“Home prices are still inching upward, supply remains low but consumers are optimistic,” said La Mesa resident Jan Farley, 2018 PSAR president. “Some buyers are being cautious and reluctant to make a commitment as they are concerned that home prices may have peaked and instead are waiting until there’s more clarity in the market.”
Founded in 1928, the Pacific Southwest Association of Realtors (PSAR) offers educational training, advocacy and other services and resources to its realtor members. Offices are located in Chula Vista and El Cajon. For more information, visit www.PSAR.org.