When comparing the most recent 6 month period with the same period last year, the median $/Sqft declined 8.6%. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft declined 4.7%. These measures indicate a consistent decline in property values in the 92128 zip code over the past year. I consider the median $/Sqft the most reliable indicator of the property value trends as it is the measure that takes into account changes in what buyers are able to buy for the same money between the periods as well as a change in the middle price trend. I also consider the comparison of periods between years to be more reliable than shorter term trends because shorter term trends do not consider seasonal purchasing trends.
Based on the past month’s sales and current active listings, there are currently 3.9 months of housing inventory which indicates a balanced demand/supply trend. Over the past 30 days properties have sold after a median of 45 days of market exposure which indicates a marketing time trend of under 90 days.
25.6% of all sales over the past year had sales restrictions (typically bank or short sales), per the multiple listing service. Agents do not accurately report sales restrictions and the actual ratio of bank/short sales is potentially higher.
Brian WardState of California Real Estate Appraiser
Houses, Condominiums, and Vacant Landb@ward.pro