Over the past year the median $/Sqft of homes in San Diego zip code 92115 declined 11.4%. However, property values peaked around August of 2010 and have declined more rapidly since. When comparing the two most recent 3 months periods, property values have declined 8.7%. These declines are likely due to the waning effect of the federal tax credit for new home buyers, which expired at the end of April 2010, and the influence of increasing mortgage interest rates in recent months. Based on the number of sales over the past 3 months there are currently 5.9 months of housing inventory indicating a balanced demand/supply trend. Properties sold after a median of 45 active marketing days over the past 3 months indicating a marketing time trend of less than 90 days. According to the local MLS, 43% of all sales over the past 3 months were bank sales or short sales which is an effectively equal ratio compared with the same period last year when 44% of all sales were bank sales or short sales. Bank sales and short sales are at historically high levels that are putting downward pressure on property values.
