Thursday, December 24, 2009

Imperial Beach, CA Median Home Value Steadies

The median home value in Imperial Beach has declined 13% over the past year but has steadied over the past 6 months.  The demand and supply is in balance and nearly in shortage with 2 months of current inventory.  The typical marketing time is less than 3 months with an average of 69 days.  56% of all sales (24 out of 43) over the past 6 months were bank sales, there are currently 75 bank owned properties, 88 properties that have received a notice of default but that are not in foreclosure, and 75 properties currently in foreclosure.  Based on an average of 4 bank sales per month over the past 6 months there are 18.9 months of bank owned inventory and 40.8 months of additional potential inventory from homeowners that are 60+ days late on their mortgage and in the foreclosure process..  Based on these statistics, Imperial Beach remains among the most negatively affected in the county by the national housing market crisis and future property value declines are possible.

Stats and Charts Derived from First American CoreLogic Data

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