San Diego Real Estate Update - Scripps Ranch - November 2024

Inventory is tight and sales are steady in Scripps Ranch. Hang out for the next few minutes and I will show you what's going on. Today we are doing a Scripps Ranch real estate market update. If you're new to this channel please hit that like button, subscribe so you don't miss any of these updates. We're all over San Diego County each and every week looking at your zip code and if you don't see your zip code drop it in the comments and we will get to it next. And if you would like to talk about buying or selling real estate anywhere in San Diego County send us a message, give us a call. We know your zip code and we know the numbers. Let's get right into what's going on with Scripps Ranch here. I say inventory is tight because look at this. This is a rarity in San Diego County right now for an entire zip code when you see 36 active listings and 27 pending listings. So that is a little more active than pending but nowhere near what we are seeing in some of the other zip codes. In most other zip codes we're seeing twice or three times the number of active listings to pending and then when you look at what has sold 27 in the last 30 days. So sales are very very steady in Scripps Ranch right now and there does not appear to be a tremendous oversupply of properties which is great news for sellers and not so great for buyers because inventory is tight, rates are high, and there is competition for all of these properties minus a few that are probably hanging out a little longer on the market. But most are selling very quickly and we'll get into those numbers here in just a second. When we look at the long-term trend in Scripps Ranch let's first take a look at median price going all the way back to January of 2021 when the median in Scripps Ranch for a detached home was 1.25 million and then by the spring of 2022 it had ballooned up to 1.955 million. After that we have a bit of a rocky road until we get to April of this year when the median was 2.1 million, 2.141579 in fact, and then down the hill we have gone for the months since the spring and currently sitting at 1.584. So when you look at this wild ride that Scripps Ranch real estate has been on we start back here in 21 at 1.25 and wind up here today at 1.584 so there definitely has been growth and there have been some wild swings in between. When we look at percent of original list price to final closed sale price what we see is the same thing that we see in almost every single zip code in San Diego County. The peak of buyer enthusiasm and exuberance was the spring of 2022 and there's no mystery as to why that is. Rates were super low, inventory was super low, and buyers were doing anything and everything they could to grab up those properties and get those super low interest rates locked in for 30 years. Now in April of 2022 Scripps Ranch was selling for 13.1 percent on average over asking price and between the spring of 2022 and the fall of 2022 it fell to 89.9 percent so a wild swing there as well and then of course things did bounce back have been up and down never again reaching the highs of the spring of 2022 but currently Scripps Ranch is looking at 100.2 percent of original list price to final closed sale price and it's no wonder because there is not that much on the market in Scripps Ranch so the ones that are selling are selling high or at least full price and they're selling pretty quickly when you look at Scripps Ranch relative to the rest of San Diego County. San Diego County's average market time is currently 34 days Scripps Ranch right now 20 days so things are humming along in Scripps Ranch right now and that's what's happening so if you like this content please remember to like share subscribe and comment we will be back with more great real estate information for you very soon so stay tuned for that until then have a great day