Greetings All,
The latest in San Diego SOLD condo prices through July, 2012.
· Compared to 1 mo ago, 77% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was +32%. The most reliable and notable of these was North Park with a 62% price increase on 11 condos sold in the subject month.
· Compared to 2 mos ago, the market value of 77% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 13 zip codes was +10%. Here we have our leader being Pacific Beach with a 27% increase along with University City with an 18% increase. Also, over both of the past 2 mos straight, 77% of zips have shown an increase or stayed essentially the same in market value.
· Compared to 1 year ago, we have 85% with a median market value either higher or essentially the same (within +/-4%). The average 1 yr change over all 13 zip codes was +51%. In this 1 yr category, with a 51% increase over market values of 1 yr ago, is Kensington / Normal Heights and Kearney Mesa / Linda Vista with a 47% increase in market value
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 | 77% | 78% |
| 2 MO AGO | 77% | 83% |
| 1 YR AGO | 85% | 78% |
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 the county as a whole, will catch up in due time!
| OVERALL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | UP +32% | UP +7% |
| 2 MO AGO | UP +10% | UP +6% |
| 1 YR AGO | UP +51% | UP +6% |
For more info on real estate issues and concerns in San Diego, scroll down to “Mortgage rates drop again, Freddie Mac says; 30-year at 3.53% “ and for even more info, "CoreLogic: Home Prices Rise for Third Consecutive Month".
Cheers Again Until Next Month! - Peg
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell: (619) 301-8589
Email: realtorpeg@yahoo.com
Website: http://www.realtorpeg.com/
Facebook: http://www.facebook.com/realtorpegsd
Twitter: http://twitter.com/realtorpegsd
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