Ø Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was Golden Hill with a 68% increase over values of the prior month and 8 condos sold so this is a reasonably reliable indicator.
Ø Compared to 2 mos ago, the market value of 54% are still either at a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. Here we have our leader again being Golden Hill with a 76% increase over values of 2 mos ago and 8 condos sold. Also, for the past 2 mos straight, 46% of zips have shown an increase or stayed essentially the same in market value.
Ø Compared to 1 year ago, we have 46% with a market value either higher or essentially the same (within +/-5%). Leading the 1 yr category is Ocean Beach with a 66% increase BUT only 2 condos sold so I don't consider this stat to be of any informative value to us at all! The true leader of the pack is North Park with a 19% value increase over 1 yr ago with 24 condos sold.
To summarize: KEEP IN MIND THAT SAN DIEGO WAS AMONG THE TOP 2 CITIES IN HOME APPRECIATION (INCREASED MARKET VALUE) FOR THE ENTIRE NATION IN MAR & APR OF THIS YEAR! I do not have the rankings for May & June yet. Our continued climb upward in market values confirms the efficacy of the national rankings. The below chart gives you an excellent overview of San Diego by showing the percentage of my tracked zip codes that either increased or held steady in home value: % ZIPS INCREASED MARKET VALUES FEB 2010 CONDOS HOUSES 1 MO AGO 69% 72% 2 MO AGO 54% 67% 1 YR AGO 46% 78%
So bottomline, we continue to improve our property values here in San Diego and for you buyers, prices are continuing to sneak upward although the good news for us all is, interest rates are staying at or very near the lowest interest rates in the last 40 years. What does this mean, what is this crazy person babbling about now? Simple - buyers can still own a home with a reasonably low monthly mortgage payment amount because interest rates being kept low also keeps your monthly payments low! And, sellers can still get the max potential out of their property value because low interest rates allows buyers to afford to buy homes! If interest rates were high, sellers would have to ask less $$ for their property so that buyers could still afford to pay the monthly mortgage. This, in a nutshell, is how interest rates affect home sales or lack of .........
Cheers until we meet again! - Peg
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