Wednesday, November 30, 2011

San Diego, CA 92127 Condo Values - 4.5% Annual Decline, Steadies Past 6 Months 11/30/2011

San Diego Home Appraiser

When comparing the most recent 6 month period with the same period last year the median $/Sqft declined 4.5%, indicating a declining property values trend.  When comparing the most recent 6 month period with the previous 6 month period the median $/Sqft has remained steady indicating a steadying property values trend.  I place most emphasis on the annual rate as it better reflects seasonal purchasing trends and consider the Subject’s neighborhood to be in a declining property values trend that is showing signs of stabilization.

Other Market Condition Statistics:

  • There are currently 5.1 months of housing inventory which indicates a balanced demand/supply trend.
  • The median marketing time for closed sales over the past 3 months was 41 days which indicates a marketing time trend of less than 3 months.  This has been a consistent ratio over the past year.  The median marketing time of active sales is currently 92 days which has also been a consistent ratio over the past year.
  • According to the local MLS, 43% of all sales over the past 3 months were bank/short sales which is a decrease from the annual ratio of 53%.
  • According to the local MLS, 29% of all sales over the past 3 months included concessions ranging from $1 to $7,500.  This ratio has been consistent over the past year.

Agents do not reliably report bank/short sales or sales concessions and the actual ratios may be considerably higher.

Brian Ward Appraisal
www.brianward.com
(619) 630-9273

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