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Central San Diego Real Estate Market – Mid Year Snapshot of Median Prices (2006) – Condominium
By Real Estate Pros
As of this writing, the San Diego real estate markets appears to have shifted from one that favors sellers to one that favors buyers. However, this premise may not hold true for all communities within San Diego, as median prices for some communities continue to rise while others fall.
While there are many metrics to evaluate the real estate pricing trends of a community, one commonly used parameter is to evaluate the median price of townhomes and condominiums from one point in time against a prior point of time. The median price reflects the point at which half the units are above a particular price point, and half the units are below a particular price point. The median price metric provides one method to analyze the direction of home prices, but should not be used as the sole source of data from which to form conclusions.
The data below is a comparison of median prices for various communities in central San Diego County, comparing data from June 2005 against data for June 2006. This information is only one metric at a particular point in time, and other metrics or data from future months may support or dispute the pricing trends noted below. For some of the San Diego communities presented below, very few units sold during June 2006, which diminishes the usefulness of the median price metric.
COMMUNITIES WITH INCREASES IN MEDIAN PRICE – CONDOMINIUMS AND TOWNHOMES – JUNE 2006
The data below pertains only to the sales of condominiums or townhomes and does not include single-family homes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.
For the Downtown real estate market, the median price was $725,000, which represents a 34.1% increase from the same time last year. Approximately 52 units sold in June 2006 (49 units sold in June 2005).
For the La Jolla real estate market, the median price was $598,500, which represents a 14.5% increase from the same time last year. Approximately 28 units sold in June 2006 (38 units sold in June 2005).
For the Paradise Hills real estate market, the median price was $387,500, which represents a 7.6% increase from the same time last year. Approximately 10 units sold in June 2006 (8 units sold in June 2005).
For the Clairemont real estate market, the median price was $370,000, which represents a 3.9% increase from the same time last year. Approximately 3 units sold in June 2006 (9 units sold in June 2005).
For the College Grove real estate market, the median price was $270,950, which represents a 3.2% increase from the same time last year. Approximately 28 units sold in June 2006 (19 units sold in June 2005).
COMMUNITIES WITH NO CHANGE IN MEDIAN PRICE – CONDOMINIUMS AND TOWNHOMES – JUNE 2006
The data below pertains only to the sales of condominiums or townhomes and does not include single-family homes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.
For the Normal Heights real estate market, the median price of $310,000 remained the same from June 2005 to June 2006. Approximately 21 units sold in June 2006 (14 units sold in June 2005).
COMMUNITIES WITH DECREASES IN MEDIAN PRICE – CONDOMINIUMS AND TOWNHOMES – JUNE 2006
The data below pertains only to the sales of condominiums or townhomes and does not include single-family homes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.
For the Pacific Beach real estate market, the median price was $432,500, which represents a 29.1% decline from the same time last year. Approximately 31 units sold in June 2006 (40 units sold in June 2005).
For the Coronado real estate market, the median price was $784,500, which represents a 24.6% decline from the same time last year. Approximately 6 units sold in June 2006 (18 units sold in June 2005).
For the Del Cerro real estate market, the median price was $294,000, which represents a 20.5% decline from the same time last year. Approximately 6 units sold in June 2006 (21 units sold in June 2005).
For the North Park real estate market, the median price was $283,450, which represents a 15.6% decline from the same time last year. Approximately 14 units sold in June 2006 (21 units sold in June 2005).
For the Sorrento Valley real estate market, the median price was $500,000, which represents a 10.4% decline from the same time last year. Approximately 2 units sold in June 2006 (7 units sold in June 2005).
For the San Carlos real estate market, the median price was $287,500, which represents an 11.9% decline from the same time last year. Approximately 8 units sold in June 2006 (17 units sold in June 2005).
For the University City (UTC) real estate market, the median price was $390,000, which represents an 11.9% decline from the same time last year. Approximately 27 units sold in June 2006 (26 units sold in June 2005).
For the Golden Hill real estate market, the median price was $304,500, which represents a 9.8% decline from the same time last year. Approximately 6 units sold in June 2006 (7 units sold in June 2005).
For the Old Town real estate market, the median price was $352,500, which represents a 7.2% decline from the same time last year. Approximately 14 units sold in June 2006 (25 units sold in June 2005).
For the Mission Hills real estate market, the median price was $425,000, which represents a 7.1% decline from the same time last year. Approximately 33 units sold in June 2006 (31 units sold in June 2005).
For the Tierrasanta real estate market, the median price was $428,000, which represents a 7.0% decline from the same time last year. Approximately 10 units sold in June 2006 (11 units sold in June 2005).
For the Mission Valley real estate market, the median price was $344,950, which represents a 6.8% decline from the same time last year. Approximately 36 units sold in June 2006 (68 units sold in June 2005).
For the Mira Mesa real estate market, the median price was $322,000, which represents a 5.3% decline from the same time last year. Approximately 16 units sold in June 2006 (28 units sold in June 2005).
For the Ocean Beach real estate market, the median price was $409,000, which represents a 4.3% decline from the same time last year. Approximately 12 units sold in June 2006 (12 units sold in June 2005).
For the Linda Vista real estate market, the median price was $395,000, which represents a 3.7% decline from the same time last year. Approximately 17 units sold in June 2006 (21 units sold in June 2005).
For the Scripps Ranch (Scripps Miramar) real estate market, the median price was $450,000, which represents a 1.7% decline from the same time last year. Approximately 13 units sold in June 2006 (28 units sold in June 2005).
For the City Heights real estate market, the median price was $268,450, which represents a 1.1% decline from the same time last year. Approximately 8 units sold in June 2006 (12 units sold in June 2005).
ADVISORY
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time, and is not conclusive of the pricing trends for any community. For some communities presented above, very few units were sold during June 2006, which makes the use of the median price metric of limited value. The data must be evaluated over a longer duration, and involve multiple metrics to fully understand enduring market trends. Contact your Realtor to obtain information about enduring market trends for any given community.
About the Author
Article Resources
http://www.sdhomedatabase.com/
http://www.pacific-beach-homes.com/
http://www.rereport.com/sdccsd/lall/
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