Tuesday, May 7, 2013

San Diego, CA 92128 Condominium Values Are Increasing - See By How Much!


NEIGHBORHOOD/MARKET AREA DESCRIPTION
In San Diego, CA 92128 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 879 Sqft to 1,492 Sqft, with the most common being approximately 1,500 Sqft. Most properties (87%) have 2 or 3 bedrooms, and most properties (81%) have 1 or 2 bathrooms. Most condominiums range in year built from 1977 to 1998 with the most common year built being 1990. Views are present in the neighborhood and Realtors report that 49% of all condominiums have them. The views include: city, evening lights, golf course, greenbelt, lagoon/estuary, lake/river, 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 92128, and as of the 12 month period ending 04/30/2013, condominium sale prices ranged from $118,000 to $585,000, with a median of $246,000. The median sale price changed 19.1% over the past year indicating an 'increasing' property values trend. The median $/Sqft changed 16.1% over the past year indicating an 'increasing' property values trend. There are currently 1.2 months of housing inventory indicating a demand/supply trend of 'in balance'. The median market exposure time over the past 30 days was 11 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. Property value trends may be misleading due to a decreasing ratio of bank sales and short sales, and an increase in the ratio of renovated properties.
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