The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of May, 2014 show:
- Compared to 1 mo ago, 62% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 21 zip codes was 0%. Most reliable and notable of the increases was South Park/Golden Hill with a 31% increase on 14 houses sold in the subject month and Tierrasanta with an 21% increase on 12 houses sold.
- Compared to 2 mos ago, the market value of 76% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 21 zip codes was +2%. Here we have our leader being Pacific Beach with a 33% increase on 9 houses sold and South Park/Golden Hill with a 25% increase on 14 houses sold. As an interesting side note, over both of the most recent past 2 mos straight, 52% of zips have shown an increase or stayed essentially the same in market value during both months.
- Compared to 1 year ago, we have 95% with a median market value either higher or essentially the same (within +/-4%). The average 1 yr change over all 21 zip codes was +7%. In this 1 yr category is South Park/Golden Hill with a 32% increase on 14 houses sold over market values of 1 yr ago and Pacific Beach with a 28% increase on 9 houses sold.
TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE: SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE
Summary: The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:
% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY
|1 MO AGO||85%||62%|
|2 MO AGO||69%||76%|
|1 YR AGO||85%||95%|
Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.
Bottomline: While prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages! The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!
TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED
|1 MO AGO||UP +18%||UP +0%|
|2 MO AGO||UP +18%||UP +2%|
|1 YR AGO||UP +31%||UP +7%|
For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to “7 Negotiation Tips For The Home Buyers” and for even more info, “CA’s Improving Housing Markets Includes San Diego”