Greetings All,
The latest in San Diego SOLD condo prices through Nov, 2012.
For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:
· Compared to 1 mo ago, 85% 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 +6%. The most reliable and notable of these was Clairemont Mesa with a 48% price increase on 7 condos sold and Kensington / Normal Heights with a 20% increase on 8 condos sold in the subject month.
· Compared to 2 mos ago, the market value of 69% 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 +14%. Here we have our leader being Pacific Beach with a 72% increase on 34 condos sold in the subject month. Also, over both of the past 2 mos straight, 62% of zips have shown an increase or stayed essentially the same in market value.
· Compared to 1 year ago, we have 100% with a median market value either higher or essentially the same (within +/-4%). The average 1 yr change over all 13 zip codes was +25%. In this 1 yr category, with a 58% increase over market values of 1 yr ago, is Clairemont Mesa on 7 condos sold.
TO SEE COMPLETE DETAILS FOR SAN DIEGO, CLICK HERE: SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE
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 comparing the overall average change for all zips:
| % OF TRACKED ZIPS THAT INCREASED OR HELD STEADY | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | 85% | 78% |
| 2 MO AGO | 69% | 83% |
| 1 YR AGO | 100% | 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 OF ALL TRACKED ZIPS COMBINED | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | UP +6% | UP +2% |
| 2 MO AGO | UP +14% | UP +2% |
| 1 YR AGO | UP +25% | UP +9% |
For more info on real estate issues and concerns in San Diego, click “Back to blog” above and/or scroll down to "Mortgage Rates Will Rise Next Year" and for even more info, "San Diego Real Estate Looking Less Anemic".
Cheers Again Until Next Month! - Peg
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