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). Here, Point Loma leads the pack with a 27% increase and Tierrasanta with 26% sold over the past month.
Ø Compared to 2 mos ago, the market value of 67% 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 43% increase in market value over those of 2 mos ago. And, 61% 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 67% 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 Hills leading the pack with a 111% increase above market values of 1 yr ago.
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
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