Monday, November 4, 2013

San Diego, CA 92129 Condominium Value Trends 10/26/2013

Real Estate Appraisal Company

NEIGHBORHOOD/MARKET AREA DESCRIPTION
In San Diego, CA 92129 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 condominiums range in living area size from 769 Sqft to 1,459 Sqft, with the most common being approximately 1,000 Sqft. Most properties (89%) have 2 or 3 bedrooms, and most properties (67%) have 1 or 2 bathrooms. Most condominiums range in year built from 1976 to 1997 with the most common year built being 1990. Views are present in the neighborhood and Realtors report that 60% of all condominiums have them. The views include: city, evening lights, golf course, greenbelt, lagoon/estuary, mountain/hills, ocean, and panoramic. Public and private services, conveniences, and employment are typical of population centers throughout the county.

MARKET CONDITIONS
In San Diego, CA 92129, and as of the 12 month period ending 10/26/2013, condominium sale prices ranged from $130,000 to $575,000, with a median of $259,000. The median sale price changed 11% over the past year indicating an 'increasing' property values trend. The median $/Sqft changed 19% over the past year indicating an 'increasing' property values trend. There are currently 2 months of housing inventory indicating a demand/supply trend of 'in balance'. In the Sandicor.com multiple listing service, realtors report that 77% of all sales over the past 6 months did not have any sales restrictions, indicating that 23% 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 -25% when compared with the same period last year when 48% of all sales were non-traditional sale types. The median market exposure time over the past 60 days was 26 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
San Diego, CA 92128 Real Estate Appraiser
www.brianward.com
(619) 630-9273

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