Over the past year the median $/Sqft of properties in LA Mesa declined 6.8%. However, property values peaked during the latter months of 2010 and have declined since (approx 8.9% decline when comparing the most recent 3 month periods). This was likely due to the waning affect of the federal tax credit for new home buyers which expired at the end of April 2010 and the influence of increasing mortgage interest rates in recent months. There are currently 6.2 months of housing inventory indicating a balanced demand/supply trend. Properties sold after a median of 61 active marketing days over the past month indicating a marketing time trend of less than 90 days. According to the local MLS, 42% of all sales over the past 3 months were bank sales or short sale which is a decline from 51% during the same period last year. Bank sales and short sales are at historically high levels that are putting downward pressure on property values.
Brian Ward
La Mesa, CA Real Estate Appraiser
http://www.brianward.com
