Tuesday, May 4, 2010

El Cajon, CA Property Values Remain Steady - 05/04/2010

Property values in the city of El Cajon, CA have remained steady over the past year.  According to Sandicor MLS, the median sales price over the past 3 months was $250,000 and over the same period last year it was $253,000, for a difference of less than 1.5% and an effectively stable market.  There are currently 3.8 months of inventory on the MLS and properties sold in a median of 30 days over the past 3 months.

According to First American CoreLogic there were 43 sales in the El Cajon zip code of 92019 during the period from 03/15/2010 to 04/15/2010 of which 17 were bank sales (39.5% of all recent sales were bank sales).  First American also reports that in the El Cajon zip code of 92019 there are currently 108 bank owned homes, 176 properties in pre-foreclosure (notice of default filed and 60 days+ late on mortgage, but NOT in foreclosure) and 147 properties that are in active foreclosure with auction dates set.  These statistics indicate that foreclosure activity remains high and that further declines in property values are possible.

Brian Ward Appraisal