| Mary "Peg" Heying REALTOR® - CA DRE License # 01726709 Prudential CA Realty 2830 Shelter Island Dr. San Diego, CA 92106 Cell: (619) 301-8589 --- On Mon, 1/25/10, Peg Heying <realtorpeg@yahoo.com> wrote:
From: Peg Heying <realtorpeg@yahoo.com>
Subject: Median Home Prices thru Dec '09 from Peg
To: posterous@posterous.com
Date: Monday, January 25, 2010, 2:18 PM Greetings, The latest in San Diego SOLD home prices through Dec '09. For CONDOS, in the 13 different zip codes which I track, the median sold prices look like: Ø Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was Pacific Beach with a 19% increase over values of the prior month. Ø Compared to 2 mos ago, the market value of 46% are still either at a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. Top dog in this category is Linda Vista with a 96% increase in the market value of 2 mos ago. And, 15% have shown an increase or stayed the same in market value for 2 mos straight. Ø Compared to 1 year ago, we have 39% with a market value either higher in market value or essentially the same (within +/-5%) as 1 yr ago. Leading the 1 yr category is Linda Vista with 23% increase over values of 1 yr ago. For HOUSES in the 18 different zip codes which I track, the median sold prices look like: Ø Compared to 1 mo ago, 50% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Bay Park/Old Town leads this pack with a 20% increase over values of the prior month! Ø Compared to 2 mos ago, again, the market value of 45% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. Point Loma had a 19% increase in the market value over those of 2 mos ago. And, 28% of zips have shown an increase or stayed the same in market value for the past 2 mos straight. Ø Compared to 1 year ago, we now have 72% with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have Bay Park/Old Town shows a 16% increase over market values of 1 yr ago. | To summarize: We are still seeing an slight RISE IN PRICES THIS WINTER over both the 1 month and 2 month periods in almost 1/2 or more of our zip codes, not quite as dramatic as in Oct & Nov, but still a noticeable change. The slight slowdown from the pace of Oct & Nov in part can be attributed to the glut of people hoping to close escrow by the end of Oct to qualify for the federal $8000 credit program and, in Nov, we have folks who did not quite make the Oct deadline but were no doubt quite relieved that the program was extended! These sales that were seen in Dec are really the telling story about where we stand with real estate recovery in San Diego since these sales are not so heavily influenced by the $8000 credit program. That is why we say, in Dec we are still showing some signs of recovery at a steady, albeit a distinctly slower pace. Most economists who I have heard/read specializing in real estate, are saying that 2010 & 2011 will continue this trend of monthly ups & downs but also will still have a basic very gentle, upward trend. Then in 2012, they perdict we will see definite upward movement in real estate values more closely resembling a “normal” market. One of the criteria they use for this projection are the number of loans scheduled to "reset" the monthly payment in 2010 & 2011 to create a higher monthly payment for the homeowner thus putting them at risk for default and forclosure. The number of loans scheduled to “reset” in 2012 is known to be significantly less than the number scheduled for 2010 – 2011. Cheers - Peg Mary "Peg" Heying REALTOR® - CA DRE License # 01726709 Prudential CA Realty 2830 Shelter Island Dr. San Diego, CA 92106 Cell: (619) 301-8589
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