Property values have fluctuated over the past year, but have declined 2.2% overall indicating an overall stable property values trend over the past year. However, property values peaked around May 1st of 2010 as a federal tax incentive for new home buyers expired and have since declined 5.8% and it is unknowable if this more recent trend will continue, especially given that mortgage interest rates have been increasing over the past month. There are currently 4.9 months of inventory indicating a balanced demand/supply trend. Properties sold in a median of 93 days over the past 30 days indicating a marketing time trend of 3 to 6 months. 22% of all sales over the past 3 months were bank sales or short sales which has been a steady ratio over the past 12 months. This ratio is among the lowest ratios in San Diego County, but still historically high and enough to place downward pressure on property values.
|Brian Ward Appraisal |