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 1,202 Sqft to 2,972 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, greenbelt, lagoon/estuary, lake/river, mountain/hills, ocean, and panoramic. Public and private services, conveniences, and employment are typical of population centers throughout the county.
In Chula Vista, CA, and as of the 12 month period ending 08/30/2013, single family residence sale prices ranged from $47,500 to $1,700,000, with a median of $390,000. The median sale price changed 18% over the past year indicating an 'increasing' property values trend. The median $/Sqft changed 16% over the past year indicating an 'increasing' property values trend. There are currently 3 months of housing inventory indicating a demand/supply trend of 'in balance'. In the Sandicor.com multiple listing service, realtors report that 68% of all sales over the past 6 months did not have any sales restrictions, indicating that 32% of all sales were non-traditional sales, such as bank sales, short sales, estate sales, etc., which tend to be distressed sales. This is a change in the ratio of non-traditional sales of -22% when compared with the same period last year when 54% of all sales were non-traditional sale types. The median market exposure time over the past 60 days was 16 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.
Sale value trends include standard/traditional sales only. This is to reduce the impact of distressed sales on the trends, which tend to sell for inconsistent prices. Inventory and marketing time statistics include all sale types.
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Brian A. Ward
Chula Vista, California Real Estate Appraiser
Real Estate Appraisal Services For:
- Divorce / Marriage Dissolution
- Date of Death / Retrospective Appraisals
- Expert Witness Testimony
- Before Buying and/or Obtaining a Mortgage (critical)
- Before Selling
- Property Tax Appeals
- Intra-Family Home Purchases and Sales