Ø Compared to 1 mo ago, only 38% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was Point Loma with a 90% increase over values of the prior month and Kearney Mesa / Linda Vista with a 73% increase, both with 6 units sold respectively.
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 being Kearney Mesa / Linda Vista with a 121% increase over values of 2 mos ago and South Park / Golden Hill with a 90% increase. Also, for the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value.
Ø Compared to 1 year ago, we have 38% with a market value either higher or essentially the same (within +/-5%). Leading the 1 yr category is Mission Valley with a 30% increase and Kearney Mesa / Linda Vista plus Point Loma with 28% increase each.
To summarize:
Total condos sold in June = 265 AND in July = 183, or 30% LESS
Total houses sold in June = 371 AND July = 302, or 19% LESS
Ok, this would seem to reinforce the concept of supply & demand. In July, we saw less demand and therefore less market price increases overall eventhough a few zips were astoundingly active. Supply & demand - not so many people buying & bidding against each other, so simply put, we had less competitionbetween buyers pushing prices upward. But, remember as I said above, the upward movement of market values thus far in Aug looks to be back on the same track we were on prior to our July dip.
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:
| JULY 2010 | CONDOS | HOUSES |
| 1 MO AGO | 38% | 72% |
| 2 MO AGO | 54% | 67% |
| 1 YR AGO | 38% | 67% |
Houses seem to have faired a bit better than condos in July. This can also be seen in the total number of sales I listed at the top of this section with condos taking a 30% drop in the total # of sales while houses only took a 19% drop. I do expect to see our gradual improvement in market values continue onward & upward in part due to the further extension of the $8000 tax credit and also because interest rates are still at the lowest rate in 40 yrs. The doom-n-gloom sayers will be out there screaming armageddon in the month of July so as you read other opinions elsewhere, remember what you have read here. This July dip is like a plane ride when we hit an air pocket, however for Aug, my hairbrush is now back in my purse securely where it belongs!
Cheers - Peg
