Property values have declined 3.7% over the past year but because there is a wide range of property characteristics present in the neighborhood as well as a low number of sales in the neighborhood to develop statistics from (which is common), it is my opinion that any change within +/-5% indicates a stable market. There are currently 8 months of housing inventory indicating a balanced demand/supply trend. Properties sold after a median of 89 days over the past 3 months indicating marketing time trend of under 3 months. 21.5% of all sales within the past 6 months were bank sales or short sales which is a nearly identical ratio compared with the same period last year.
Brian WardSan Diego / Mission Hills Home Appraiser
(619) 630-9273
www.brianward.com
