Real Estate Report presented by Neal Hribar

March 2018 Report

Single Family Homes in Central San Diego, All Cities, All Neighborhoods Change >

Median Price
Average Price
No. Sold
Pending Properties
Sale/List Price Ratio
Days on Market
Days of Inventory

Market Barometer

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Market Commentary

Median Price for Condos Sets New High

The median price for re-sale condominiums was up 11.6% year-over-year, to set a new record high in February.

Although the median price for single-family, re-sale homes in San Diego County continues to waffle around $600,000, it was up 9.1% year-over-year.

That’s sixty-nine months in a row the median price for both single-family, re-sale homes and condos has been higher than the year before.

Home sales, meanwhile, were down 9.0% from last February. Condo sales were down 0.5%, year-over-year.

Homes continue to sell quickly, taking only thirty-seven days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in thirty-two days, the average is fifty-five days.

The sales price to listing price ratio continues to tease the 100% level: 98.6%. The ratio for condos is 99.2%.

Inventory continues to be abysmal. It is just over one-third the average since 2001. As of the 10th of February, there were 3,066 homes for sale. We average 8,515!

Condo inventory is at 1,126 units for sale. The average is 9,603.

This is reflected in our Days of Inventory statistic which is fifty-nine for homes. The average is one-hundred and forty-four.

There are forty-two Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.

Deed vs. Title: What's the Difference?

By: Audrey Ference

Deed vs. title: What's the difference? Most people use the terms interchangeably, but there's a significant difference between the two— a distinction that's important to understand when you're ready to purchase a home. So let's look at what distinguishes deed from title.

Deed vs. title: The difference between these 2 real estate terms

"A deed is a legal document used to confirm or convey the ownership rights to a property," explains Anne Rizzo of Title Source Title Clearance. "It must be a physical document signed by both the buyer and the seller."

Title, however, is the legal way of saying you have ownership of the property. The title is not a document, but a concept that says you have the rights to use that property.

So when you buy a property, you will receive the deed, a document that proves you own it. That deed is an official document that says you have title to the real estate.

How to get the deed and take title of a property

To get the deed and "take title," or legally own the property, your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it. If everything is clear, then at closing the seller will transfer the title to you, and you become the legal possessor of the property.

The title or escrow company will then ensure the deed is recorded with the county assessor's office or courthouse, depending on where you live. You'll generally get a notification a few weeks after closing that your deed has been recorded. If you don't, check with the professional who did your closing and ensure that the paperwork has been filed. At that point, you have the deed and title to the real estate and the property is all yours.

What is title insurance?

Even with all of the due diligence a title company does before closing, there are rare instances when title problems can pop up later (e.g., missed liens and other legal issues that can be very costly to resolve). To protect against any financial loss, two types of title insurance exist: owner's title insurance and lender's title insurance.

"Unlike other types of insurance that protect the policyholder from events that may happen in the future, an owner’s title policy protects the buyer from events that have happened in the past," says Rizzo. "That may jeopardize their financial interest, such as title defects from fraud or paperwork errors, unpaid liens against the property, or claims that someone else is the real, legal property owner."

On the other hand, when you secure a mortgage, your lender or bank will require that you purchase lender's title insurance to protect the lender's investment in case any title problems arise. Lender's title insurance essentially protects the lender's interest in your property, which is typically until your mortgage is paid off.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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