For HOUSES in the 18 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 72% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Pacific Beach leads this pack with a 16% increase over values of the prior month.
Ø Compared to 2 mos ago, the market value of 78% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. University City had a 23% increase along with Ocean Beach & Pacific Beach which both had a 21% increase in market value over the previous 2 mo period. And, 56% 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 83% (15 out of 18) with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have City Heights with a 35% increase and Pacific Beach with a 24% increase over market values of 1 yr ago.
To summarize: We are continuing the gentle rise of home market values moving steadily upward. The below chart which shows the percentage of zip codes that either increased or held steady in home value, makes this easy to see:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 62% | 72% |
| 2 MO AGO | 62% | 78% |
| 1 YR AGO | 62% | 83% |
For those of you who have not heard, back in Mar of this year, San Diego was #1 in the nation in home value appreciation! The entire article from Zillow.com can be seen at my blogsite: http://realtorpeg.posterous.com/nationwide-new-home-sales-up-mar-2010
In a nutshell, our San Diego home values are heading upward. There is one point you need to be aware of. Yes the upward slide is quite gentle, BUT, 2009 saw a RECORD LOW number of building permits taken out with the city of San Diego and 2010 is on track to be the 2nd lowest (to read more, go to: http://realtorpeg.posterous.com/san-diego-building-permits-up-but-down ) !!! Say what? To build houses or condos or to convert apartments into condos, developers / contractors are legally required to obtain building permits from the city which then exams the plans for compliance with local building codes, safety, etc and then the city approves or disapproves their building plans to go forward. So, if less building permits have been taken out, less housing is in the process of being built right now (average time from idea to finish is approx 2 yrs) AND while jobs continue to be generated with the improving economy (to read more, go to: http://realtorpeg.posterous.com/san-diego-business-recovery-has-begun ), we will continue to have population growth and where will all those people live? In a few years, they will be bidding against each other for rentals and also in home buying which will push home prices upward even faster! The pendulum swings one way, then the other, and a San Diego housing shortage with price wars always means higher rent or sale prices, hence, our property prices will rise in direct relation to how much people are willing to pay or out-bid others for a place to live! Got the picture? We have many reasons to see prices continue upward in San Diego.
I am going to wrap this up now. I realize I do get long-winded, but it is hard to be short & sweet when you are enthusiatic about happening events!
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