Granny Flats or Single Story Homes-Trend or Lifestyle
Recently I was asked what if I had noticed that there is a trend of builders adding on granny flats on newly constructed homes. My first response, after reviewing in my mind the local new home tracts, was ‘no’. I thought some more about the subject and thought about the current clients that I am working with and did realize that there is an increased desire to have a single story home or a home with a downstairs bedroom. I decided to research the topic.
I ran 2012 local stats in Oceanside, Carlsbad, & Encinitas, California to see if 1 story was more desirable than 2 story homes. Some of the searches pulled more than 250 homes and my criteria search program only allows up to 250 homes to be displayed. So, some data are representative samples up to 250 Units. For the Oceanside search, I ran the criteria at $400+. Carlsbad had over 800 sales total for 2 story homes in 2012, so I ran that search data in the zip code of 92008.
Single Story Homes are Trending…
Oceanside Single Story Homes that Sold in 2012 over $400k:
- # of Units: 104
- Average price per sq.ft. is $292
- Average Days on the Market : 43
Oceanside 2 Story Homes that Sold in 2012 over $400k:
- # of Units: 305
- Average Price per sq.ft. is $183
- Average Days on the Market: 70
Carlsbad Single Story Homes 92008 Sold in 2012:
# of Units:288
Average Price per sq.ft. is $311
Average Days on the Market: 52
Carlsbad 2 Story Homes 92008 Sold in 2012:
# of Units: 100
Average Price per sq.ft. is: $279
Average Days on the Market: 82
Encinitas Single Story Homes Sold in 2012:
# of Units Sold 166
Average Price per sq.ft: $420
Days on the Market: 62
Encinitas 2 Story Homes Sold in 2012:
# of Units: 285
Average Price per Sq.ft. is: $299
Average Days on the Market is 67
The search data displayed are of single-family homes, no condos or duplexes are considered.
* # of Units- The number of sold homes in 2012 for the selected category.
*Average PSF- Average Price Per Sq.ft. of the homes selected.
*DOM- Amount of Days the home is on the Active market before sold.
The data shows that single story homes are in general more valuable than 2 story homes in each city I location I researched. Data also shows that single story homes sell a more quickly than 2 story homes.
Next question, Are Granny Flats Trending?
A Granny Flat by definition is a detached residence from the main home and that is a separate dwelling unit fully equipped. The idea is a unit for the mother-in-law to live and reside to help care for the household or now ideally used as an additional income stream. In Oceanside, Carlsbad, & Encinitas there were only 14 Units sold with a functional granny flat, with more than half of them selling in Carlsbad. The Average Price Per sq.ft. is $254 for those units.
Bottom Line is Single story homes are the trending home in today’s North San Diego Coastal Real Estate market. According to the data above, they sell at higher price per sq.ft. and take less time to sell (data is not taking into consideration many other variable that affect a home’s value such as condition, location, short sales, foreclosures).
Every buyer has a different lifestyle. Census data shows a growing number of aging baby boomers, which would then lead to increase desirability of single story homes in the current market. However, the young buyer is another buyer not to ignore or be reckoned with. This is a cautious buyer and a buyer expected to lead the housing recovery. They are a strong, mobile force that could shift the market as the economy recovers. Younger buyers that I have worked with prefer the 2-story home for their growing family plans. Trending or not…it’s YOUR lifestyle, YOUR Home-Make it Great!
Liz Saldana is a Realtor with Harcourts Prime Properties and is an expert in North County Real Estate. Keep up with Liz on Facebook and email her at Elizabeth.firstname.lastname@example.org to subscribe to her newsletter. She can also be reached at 760-450-7119.