Greetings,
The latest in San Diego SOLD home prices through Jan '10.
For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-5% market value)..
Ø Compared to 2 mos ago, the market value of 62% are still either at a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. And, for the past 2 mos straight, also 62% of zips have shown an increase or stayed essentially the same in market value .
Ø Compared to 1 year ago, we have 54% with a market value either higher or essentially the same (within +/-5%) as 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. Does this mean the spring and summer will bring price increases?! We'll have to wait and see, but, we do seem to be heading in a positive direction.
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 both 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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