Wednesday, December 31, 2014

Local Real Estate Prices: Another Point of View

I recently saw a report that listed San Diego home prices by zip code. It included last year's median price as well for comparison. I was surprised to see the 92117 (Clairemont) zip code showed a higher median price than 92110 (Bay Park).  I asked a couple of real estate experts in the area why that would be, when normally the 92117 zip code home prices are lower than 92110. I got a few different answers, which I will share this week.

Today we'll hear from Janett Lewis McWilliams of Gold List Properties
Janett Lewis McWilliams
The median home sales price in from November 2012 -November 2013 for 92110 was $365,000 while 92117 was $441,000.  For the past year, November 2013 – November 2014, 92110 was $490,000 vs 92117 $392,000.
These numbers include all types of properties so if you factor in condos and all other types of properties 92117 has led in median home price 2 years in a row now.
Chart comparison of all homes

When you look at the detached homes it’s a different story. November 2012 - November 2013 for 92110 was $590,000 while 92117 was $470,000.  November 2013 – November 2014 92110 was $655,000 while 92117 was $519,000. It depends on the types of properties you factor into the statistics.
Chart comparison of all DETACHED homes 

When we look at short sales and Foreclosures we see some really great news!
Short sale stats 
2012 The number of sold foreclosures in 92110=21 and 92117=33 2013. The number of sold foreclosures in 92110=5 and 92117=22 2014. The number of sold foreclosures in 92110=2 and 92117=7.
Foreclosure Stats 

So in a nutshell that’s what the market looks like. With the short sales and foreclosures decreasing the forecast looks great! We are still low in inventory so it’s a great time to list a home with more buyer competition but the loans are still a little difficult.

Let me close with a little advice for buying or selling a home in San Diego. Get that lender approval 1st! If buying, don’t charge anything until the transaction closes. If buying a condo ALWAYS verify owner occupancy; if it’s fewer than 50% you might need to come up with a much larger down payment especially if it’s an investment property. Interest rates are still great so get that approval and go shopping!

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