For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 92% 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 122% increase (BUT only 1 condo sold so this increase means absolutely nothing, zip, nada!) and more relevantly, Ocean Beach with a 52% increase over values of the prior month.
Ø Compared to 2 mos ago, the market value of 62% 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 Ocean Beach with an 64% increase over values of 2 mos ago. Also, for the past 2 mos straight, 62% of zips have shown an increase or stayed essentially the same in market value.
Ø Compared to 1 year ago, we have 62% with a market value either higher or essentially the same (within +/-5%). Leading the 1 yr category is Mission Valley with a 93% increase and University City with a 51% increase over market values of 1 yr ago.
To summarize: Woooo-hoo, we are solidly in the realm of moving values! The below chart which shows the percentage of zip codes which either increased or held steady in home value makes this easy to see: FEB 2010 CONDOS HOUSES 1 MO AGO 92% 72% 2 MO AGO 62% 55% 1 YR AGO 62% 94%
Need I say more? The numbers are saying it all, the market swung slowly upward in Mar, 2010. If your area of interest is one of those that slumped over the past month or even the past year, have no fear! If prices are rising in the neighborhood next door, you can bet your bippy that your own neighborhood prices will also begin to rise. Think about it this way, if Walmart raises their prices, you know Target & JCPenney & Kohls & Macys & everybody else will raise their prices also! It is the nature of our economy. Just look at the oil companys with record profits and our gas prices! They want money and push prices up as much as they think they can get away with ......... Everybody wants to make money so if sellers think they can get alittle more for their property, they certainly will do exactly that and thus we have increasing values, which in real estate we call "appreciation in value".
But, what about you buyers? Yes, fortunately for you, San Diego is still seeing bargain deals with short sales and bank owned homes which also forces traditional sales by private individuals to sell at these price levels. So if you are in a position to buy now, don't procrastinate, these bargains will NOT last forever. If you wait too long, prices will be going up during all that time you are waiting to find out that prices are really going up! It is a fact of history that periods of economic boom eventually end and periods of economic bust eventually end. This period of lower home prices will also end and appears to be in the beginning stages of that as we speak.
For more info on houses & condos in various San Diego zip codes and for other real estate insights, check out any one of these below links (they all basically show the same info):
Best Wishes Until Next Month! - Peg
