Thursday, August 1, 2013

Chula Vista, CA Property Values are Increasing. By How Much?



NEIGHBORHOOD/MARKET AREA DESCRIPTION
In Chula Vista, CA there is a mix of property types present with most being residential, schools, parks, or commercial.  While a wider range of living areas are present, most single family residences range in living area size from 1,201 Sqft to 2,971 Sqft, with the most common being approximately 2,000 Sqft.  Most properties (78%) have 3 or 4 bedrooms, and most properties (57%) have 2 or 2.5 bathrooms.  Most single family residences range in year built from 1964 to 2007 with the most common year built being 2010.  Views are present in the neighborhood and Realtors report that 44% of all single family residences have them.  The views include: bay, city, evening lights, golf course, green belt, lagoon/estuary, lake/river, mountain/hills, ocean, and panoramic.  Public and private services, conveniences, and employment are typical of population centers throughout the county.

MARKET CONDITIONS
In Chula Vista, and as of the 12 month period ending 07/26/2013, single family residence sale prices ranged from $133,000 to $1,700,000, with a median of $380,000.  The median sale price changed 14.8% over the past year indicating an 'increasing' property values trend.  The median $/Sqft changed 15.5% over the past year indicating an 'increasing' property values trend.  There are currently 2.43 months of housing inventory indicating a demand/supply trend of 'in balance'.  The median market exposure time over the past 30 days was 17 days.  Based on recent-past market exposure times, I anticipate that the typical/median marketing time will be under 3 months over the coming 90 days.  Property value trends may be misleading due to a decreasing ratio of bank sales and short sales, and an increase in the ratio of renovated properties.    

Brian A. Ward
(619) 630-9273

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