Greetings All Bloggers!
The latest in San Diego SOLD home prices through Feb '10.
For HOUSES in the 18 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 55% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). South Park / Golden Hill leads this pack with a 32% increase over values of the prior month.
Ø Compared to 2 mos ago, the market value of 61% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. South Park / Golden Hill had a 42% increase and North Park had a 38% increase over the previous 2 mo period. And, 39% 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 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 South Park / Golden Hill with a 48% increase over market values of 1 yr ago.
To summarize: Considering this season is winter and we should see a dip in prices during the winter months, we actually are holding our own very nicely in San Diego. For both condos and houses, over 1/2 of our select zip codes show NO decline in market values for the month of Feb! The below chart makes this NO-DECLINE in market value easy to see:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 55% |
| 2 MO AGO | 54% | 61% |
| 1 YR AGO | 69% | 72% |
Recently, someone asked me why I would go through the work of pulling this data myself from the MLS (Multiple Listing Service) for San Diego county ........ why not use the data from the major data collecting organizations in San Diego? Simple answer - accuracy! I just plain found too many mistakes in their data and I want data I can trust to pass on to my clients with confidence. After several mistakes came to light, the tipping point was when they showed the "median price" of a particular zip code as $945,000, but, when I checked the San Diego county MLS, the San Diego county tax rolls and title company records, these all showed that the median price should have been around $495,000. The data collecting agency input had inverted the first 2 numbers. This is a major statistical error in that it almost doubled the price for that month! Not one home in that zip code had sold for anything close to their claim of $945,000. So, for the sake of detailed accuracy in communicating and full confidence in what I say, I have opted to just pull the data every month myself.
Now, in all fairness to these data collecting agencies, in my opinion, they are fine for a very broad overview of what is happening with San Diego real estate, but if you see a detail that just plain looks suspect to you or it doesn't seem to jive, check it out further or give me a call / send an email and I can easily & quickly verify how close to accurate it really is! My data is designed to give you a very detailed viewpoint into those specific zip codes which are of interest to you.
Best - Peg
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