The latest in San Diego SOLD home prices through Jan '10.
For HOUSES in the 18 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 78% of our zips either went up in market value or stayed essentially the same (within +/-5% market value).
Ø Compared to 2 mos ago, again, the market value of 78% are also still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. And, 67% 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 also have 78% with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago.
To summarize: We are now seeing a distinct RISE IN PRICES THIS WINTER over both the 1 month and 2 month periods in almost 2/3 of condos and 3/4 of houses in our select zip codes. Does this mean the spring and summer will bring more price increases?! We'll have to wait and see, but, we do seem to be heading in a positive direction with home prices and market values.
It is an interesting coincidence that whether we are looking at market value increases in house prices in our select zip codes from 1 mo ago, from 2 mos ago or from 1 yr ago, the increase was 78%. And, yes, I found it suspect so I did go back and double check my facts, it is true!
Don't forget, if you see only 1 or 2 sales in any given month for a particular zip code, you cannot trust that indication to necessarily be true or not true. That sale may have been the cheapest for sale or could have been the most expensive home for sale in that zip code. For instance, if only one home sold in each of the months being compared, the cheapest fixer-upper house having sold the previous month and in the next month, the most expensive house in the zip code sold, you will see a huge percentage increase in the "market value", but this doesn't truly represent the norm or the overall long-term trend of the zip code!
Cheers until next month! - Peg
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