Friday, March 16, 2012

San Diego, CA 92117 Property Values Are in Decline

San Diego 92117 Home Appraiser
Houses in the San Diego zip code of 92117, which includes the communities of Clairemont and Bay Park, are showing property value declines. However, I recently completed an appraisal in Clairemont Mesa and there was a clear sign that property values were increasing after January of 2012. Property values tend to decline in winter months so this may simply be a seasonal change. Time will tell.
MARKET CONDITIONS IN SAN DIEGO, 92117 AS OF 03/14/2012 (SANDICOR MLS DATA)
Key Statistics
Annual Home Value Change -5.6% / Declining Property Values
Current Home Inventory 3.2 Mo. / Balanced Demand/Supply
30 Day Median Marketing Time 32.5 days / 1.1 Mo.
Annual Comparisons 0-6 Mo. Ago 12-18 Mo. Ago Change
Median $/Sqft $276.28 $295.58 -6.5%
Median Sale Price $381,000 $399,950 -4.7%
Median List $/Sqft $287.78 $302.69 -4.9%
Median List Price $389,000 $409,000 -4.9%
Med. Market Time Sold Props. (days) 44 39 14.3%
Total Number of Sales 178 160 11.3%
Total Number of Listed Properties 1,855                1,984 -6.5%
Months of Inventory (6 Month Period) 10.4 12.4 -16.0%
Bank/Short Sales (likely) 73.00 50.00 46.0%
Bank/Short Sale Ratio (likely) 41.0% 31.3% 31.2%
Other trends
Recent 1 Month Period (0-1 Months)
Total # Active Listings Over Past 30 Days            1,608
Total # of Sales Past 30 Days 32
Total # of Active Props. (Act, Pend, Cont) 103
New Listings Past 30 Days 45
Recent 6 Month Period (0-6 Months)
New Listings Past 6 Months 240
# Props. Listed Past 6 Months That Sold 81
% of Props. Listed Past 6 Mo. That Have Sold 34%
Bank/Short Sales Compared With Traditional Sales
Median $/Sqft of Bank/Short Sales $270.73
Median $/Sqft of Traditional Sales $296.86
% Less Bank/Short Sales Sell For 9%
% More Traditional Sales Sell For 10%

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