Ø Compared to 1 mo ago, 66% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Clairemont Mesa with a 15% increase on 27 houses sold leads the pack over the past month.
Ø Compared to 2 mos ago, the market value of 56% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leader in the 2 month category is again Clairemont Mesa with a 19% increase. And, 50% 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 61% of zips 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 leading the pack with a 23% increase and 18 houses sold above market values of 1 yr ago.
To summarize: The below chart gives you an excellent overview of San Diego by comparing the percentages of my tracked zip codes that either increased or held steady in home value:
| 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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