The latest in San Diego SOLD home prices through Apr 2011.
For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:
Ø Compared to 1 mo ago, 69% 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 129% increase over values of the prior month with 5 condos sold in this subject month along with Ocean Beach at a more realistic 45% increase and 6 condos sold. Why the huge increase in Point Loma? Simple, last month only 1 condo sold and because it was a studio with no bedrooms, thus it sold in the lower price range. This month 5 condos sold, all had multiple bedrooms and the majority were closer to the mid-price range. So that 129% really only indicates an uptick in activity or the # of buyers buying, but it does not necessarily represent a large increase in market value as it might appear at first glance.
Ø Compared to 2 mos ago, the market value of 85% 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 South Park / Golden Hill with a 50% increase over market values of 2 mos ago and Ocean Beach also at a 50% increase. Also, over both of 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 46% with a market value either higher or essentially the same (within +/-5%). In this 1 yr category, with a 92% increase over market values of 1 yr ago, is South Park / Golden Hill.
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Summary: 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:
| MAR 2011 | CONDOS | HOUSES |
| 1 MO AGO | 69% | 83% |
| 2 MO AGO | 85% | 94% |
| 1 YR AGO | 46% | 56% |
For more info on falling & rising home prices in San Diego, and to contrast this data with overall data for all of San Diego, scroll down this blog a bit further and check out my post, "S.D. home prices take slight dip in April" and for even more balance, "Spring Season Uptick in Prices and Inventory" illustrates how slight that April dip truly is. Keep in mind that my 13 zip codes for condos and 18 zip codes for houses are only a portion of the entire San Diego picture, albeit a positive portion. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a slight decrease in market values. While prices may go up & down within a given year, what we are really looking for is a general increase from year to year so that the rise of the "up" months is higher and thus outweighs the dips of the "down" months.
Cheers Until Next Month! - Peg
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