The table below gives the "average prices of new homes" for the second quarter of 1997 and 1998 (April, May and June), sorted by the average rank (high to low) of both years. New home prices are significantly higher than existing home prices for a variety of reasons. New homes are significantly larger (2400 square feet on average vs. 1700 for existing homes) and their price must include developer's fees, which then require larger houses to recover the fee (see Caveats On Interpreting Sales Price Increases). Temecula and Murrieta in Riverside County are often considered part of San Diego's North County, and are included.
|Community||New Home Price ($)||Rank|
|Rancho Sante Fe||885,000||1,235,200||1||1||1|
|San Diego County||255,000||320,000|
Source: Market Profiles' "Residential New Home Trends," July, 1998, as given in NCT 7/30/98, A8; Alan Nevin, chief economist for Market Profiles of San Diego, in NCT, 8/23/98, B8.
The average size of a new single family home in the county increased by 165 square feet, to 2,400 square feet. The average price per square foot was $133, compared to the previous year's $114. An average lot size is 5,000 square feet.
Copyright © 1998 by Tom Chester.
Permission is freely granted to reproduce any or all of this page as long as credit is given to me at this source:
Comments and feedback: Tom Chester
Last update: 23 August 1998.