Greetings All,
The latest in San Diego SOLD house prices through May, 2012.
For HOUSES, in the 18 different zip codes which I track, the median sold prices look like:
· Compared to 1 mo ago, 56% of zips either went up in market value or stayed essentially the same (within +/-5% median market value) over values of the prior month. The average 1 mo change over all 18 zip codes was -4%. Most notable of the increases was Pacific Beach with a 15% increase on 18 houses sold.
· Compared to 2 mos ago, the market value of 83% are still either at a higher value or stayed essentially the same (within +/-5%) over the median values of 2 months prior. The average 2 mo change over all 18 zip codes was +5%. Here we have our leader being Hillcrest / Mission Hills with a 49% increase and South Park / Golden Hill with a 21% increase. Also, over both of the past 2 mos straight, 44% of zips have shown an increase or stayed essentially the same in market value.
· Compared to 1 year ago, we have 89% with a median market value either higher or essentially the same (within +/-5%). The average 1 yr change over all 18 zip codes was +7%. In this 1 yr category, with a 33% increase over market values of 1 yr ago, is South Park / Golden Hill while Pacific Beach had a 25% increase and Kearney Mesa / Linda Vista had a 23% increase.
Summary: The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased and also the overall average change for all zips:
| % OF TRACKED ZIPS THAT INCREASED OR HELD STEADY | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | 62% | 56% |
| 2 MO AGO | 69% | 83% |
| 1 YR AGO | 85% | 89% |
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. 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 decrease in market values. This is particularly common with changes in the season such as during the winter holiday season.
Bottomline - while prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that within that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!
| OVERALL AVERAGE CHANGE |
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