Ø Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was South Park / Golden Hill with a 111% increase over values of the prior month and 5 condos sold.
Ø Compared to 2 mos ago, the market value of 69% 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 Bay Park / Old Town with a 35% increase over values of 2 mos ago. Also, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value for both months.
Ø Compared to 1 year ago, we have 69% with a market value either higher or essentially the same (within +/-5%). In the 1 yr category with a 98% increase, is Kearney Mesa / Linda Vista.
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read "Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.
Cheers Until Next Month! - Peg
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