Brian's SoCal Home Stats and News

Point Loma, San Diego, CA Home Prices Steady

noreply@blogger.com (Brian Ward) — Wed, 08 Feb 2012 10:04:00 +0000

In the community of Point Loma in San Diego, CA, and according to Sandicor MLS: When comparing the most recent 6 month period with the same period last year, the median $/Sqft changed -1% and the median sale price changed 2% indicating a stable property values trend. Based on the current active listings and the number of sales over the past 30 days, there are currently 11 months of housing inventory and the median marketing time for closed sales has been 51 days. Over the past year 18% of all sales were bank sales (8%) or short sales (10%). Also, 2% of all sales were undeclared in terms of their sales restrictions and agents regularly fail to categorize their bank/short sale listings so the actual ratios of these sales are likely higher.

Brian Ward
Point Loma Home Appraiser
(888) 844-1733

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San Diego, 92120 Property Values Are in Decline

noreply@blogger.com (Brian Ward) — Tue, 07 Feb 2012 00:36:00 +0000

In the San Diego zip code of 92120 and according to Sandicor MLS: When comparing the most recent 6 month period with the same period last year, the median $/Sqft changed -9% and the median sale price changed -3%. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft changed -4% and the median sale price changed -2%. Based on the current active listings and the number of sales over the past 30 days, there are currently months of housing inventory and the median marketing time for closed sales has been 66 days. Over the past year 30% of all sales were bank sales (14%) or short sales (16%). Also, 6% of all sales were undeclared in terms of their sales restrictions and agents regularly fail to categorize their bank/short sale listings so the actual ratios of these sales are likely higher.

Brian Ward
Brian Ward Appraisal
(888) 844-1733
www.brianward.com

Spring Valley, CA 91977 Home Values - Annual Decline, Steady Recently - as of 01/23/2012

noreply@blogger.com (Brian Ward) — Tue, 24 Jan 2012 05:24:00 +0000

According to Sandicor MLS: In Springs Valley, CA 91977 - when comparing the most recent 6 month period with the same period last year, the median $/Sqft changed -7% and the median sale price changed -4%. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft changed 0% and the median sale price changed -2%. Based on the current active listings and the number of sales over the past 30 days, there are currently 3 months of housing inventory and the median marketing time for closed sales has been 44 days. Over the past year 48% of all sales were bank sales (28%) or short sales (19%). Also, 5% of all sales were undeclared in terms of their sales restrictions and agents regularly fail to categorize their bank/short sale listings so the actual ratios of these sales are likely higher.

Brian Ward
Spring Valley Real Estate Appraiser
(888) 844-1733

Imperial Beach, CA Property Values are in Decline - 12/27/2011

noreply@blogger.com (Brian Ward) — Sat, 31 Dec 2011 00:23:00 +0000

In the city of Imperial Beach, when comparing the most recent 6 month period with the same period last year, the median $/Sqft in Imperial Beach declined. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft declined 7.3%. These measures indicate a decline in property values in the Subject’s market area 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 5.8 months of housing inventory which indicates a balanced demand/supply trend. Over the past 30 days properties have sold after a median of 91 days of market exposure which indicates a marketing time trend of 90 to 180 days.

54.5% 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 Ward
State of California Real Estate Appraiser
(888) 844-1733

San Diego, CA 92128 - House Values in Decline - 12/29/2011

noreply@blogger.com (Brian Ward) — Fri, 30 Dec 2011 20:21:00 +0000

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 Ward
State of California Real Estate Appraiser
Houses, Condominiums, and Vacant Land
b@ward.pro
(888) 844-1733

San Diego, CA 92127 Condo Values - 4.5% Annual Decline, Steadies Past 6 Months 11/30/2011

noreply@blogger.com (Brian Ward) — Wed, 30 Nov 2011 23:46:00 +0000

When comparing the most recent 6 month period with the same period last year the median $/Sqft declined 4.5%, indicating a declining property values trend. When comparing the most recent 6 month period with the previous 6 month period the median $/Sqft has remained steady indicating a steadying property values trend. I place most emphasis on the annual rate as it better reflects seasonal purchasing trends and consider the Subject’s neighborhood to be in a declining property values trend that is showing signs of stabilization.

Other Market Condition Statistics:

There are currently 5.1 months of housing inventory which indicates a balanced demand/supply trend.
The median marketing time for closed sales over the past 3 months was 41 days which indicates a marketing time trend of less than 3 months. This has been a consistent ratio over the past year. The median marketing time of active sales is currently 92 days which has also been a consistent ratio over the past year.
According to the local MLS, 43% of all sales over the past 3 months were bank/short sales which is a decrease from the annual ratio of 53%.
According to the local MLS, 29% of all sales over the past 3 months included concessions ranging from $1 to $7,500. This ratio has been consistent over the past year.

Agents do not reliably report bank/short sales or sales concessions and the actual ratios may be considerably higher.

Brian Ward Appraisal
www.brianward.com
(619) 630-9273

Oceanside, CA Home Values - 4.9% Annual Decline, Steadies Past 6 Months - 11/23/2011

noreply@blogger.com (Brian Ward) — Thu, 24 Nov 2011 09:03:00 +0000

When comparing the most recent 6 month period with the same period last year, the median $/Sqft declined 4.9% indicating a declining annual property values trend. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft changed less than 1% indicating that property values have stabilized.

Based on sales over the past 3 months there are currently 4.8 months of housing inventory which indicates a balanced demand/supply trend.

The median marketing time over the past 3 months was 55 days indicating a marketing time trend of less than 90 days.

47% of all sales over the past 3 months were bank/short sales which is consistent with the annual ratio of 48% indicating no change. Bank/short sales tend to sell for between 11.8% to 14.3% less than standard/traditional sales. I calculated these differences by selecting a subset of properties that represent the largest population of homes in terms of living area size, site size, and age, and excluding properties with desirable views and where the agents describe the properties as needing repairs, since bank/short sales tend to be in inferior condition to standard sales. 11.8% is the different when considering median home value and 14.3% represents the median $/Sqft difference. Real estate agents do not reliably list bank/short sales in the local MLS and the actual ratio of bank/short sales may be significantly higher.

Statistics are derived from the Sandicor Multiple Listing Service.

Brian Ward Appraisal
(760) 920-6927
oceanside@diegoappraisal.com
http://oceanside.diegoappraisal.com

Sales of Existing U.S. Homes Unexpectedly Increase: Economy - Businessweek

noreply@blogger.com (Brian Ward) — Mon, 21 Nov 2011 18:59:00 +0000

Sales of Existing U.S. Homes Unexpectedly Increase

via businessweek.com

These statistics shouldn't be unexpected. This time last year, the effects of the Federal Tax Credit for New Home Buyers waned and mortgage rates increased. Couple that with the mortgage interest rates that have been bouncing around at historically low levels recently, due to recent Fed actions, and there is a comparatively more attractive housing market now than last year. If in April 2012 the number of sales are still higher/increasing, then that may be a sign of an improving market, at least here in San Diego County - but as it is now, it is just a sign that we are doing better than the 'hangover' period after last years tax credit and increasing interest rates, which isn't saying much.

San Diego, CA 92111 Property Values Declined 8%+ Over Past Year. Steadied Recently.

noreply@blogger.com (Brian Ward) — Fri, 18 Nov 2011 08:33:00 +0000

Property value trends in the Subject's market area are inconsistent:
* When comparing the most recent 3 month period with the same period last year, the median sale price declined 3.9%, indicating a stable property values trend, bordering on a declining property values trend.
* When considering the median $/Sqft change over the past 3 months with same period last year, the median $/Sqft declined 9.5%, indicating a declining property values trend.
* When comparing the most recent 6 month period with the previous 6 month period, so that a larger population of properties can be considered over a shorter term, the median sale price increased 3.3% and the median $/Sqft did not change, indicating a stable to increasing semi-annual property values trend.
* When comparing the most recent 6 month period with the same period last year, the median sale price declined 4.3% and the median $/Sqft declined 10.2%, indicating a declining annual property values trend.

These property value trends are not consistent and depending on which statistic is selected, the annual property values trend is stable or declining, and the semi-annual trend is stable or increasing. To determine which is most likely the accurate trend, I performed a comparison of property sales between the periods which resulted in an indication more consistent with the median $/Sqft changes and in my opinion, property values have declined annually, but have been mostly steady over recent months. A federal tax credit to new home buyers last year temporarily increased property values. Indications are that the effects waned near the end of the year and property value corrected back to pricing before the tax credit. The reason there is a difference between the median sale price and the median $/Sqft is likely that the cost of money (mortgage interest rates) have remained near historical lows during this period while property values declined. The amount people were able pay for houses remained roughly the same (median sale price) while their ability to buy larger houses (median $/Sqft) increased, keeping the median at a stable level and decreasing the median $/Sqft.

Other Statistics

* 2.9 months of housing inventory = Balanced Demand / Supply Trend
* Median marketing time for sales over the past 3 months was 38 days = Marketing Time Trend of Under 3 Months.
* Local multiple listing service indicates that 33% of all sales are bank sales or short sales which is a decrease from the annual rate of 40%. I reviewed the significant majority of sales in the area over the past 6 months and I can confirm that agents to not reliably report bank sales and short sales to the MLS and the actual ratio may be as high as 65%.

Brian Ward Brian Ward Appraisal www.brianward.com office. (619) 630-9273 mobile. (760) 636-6777

San Diego, CA 92120 Housing Statistics Indicate a Declining Property Values Trend

noreply@blogger.com (Brian Ward) — Mon, 14 Nov 2011 06:45:00 +0000

When comparing the most recent 6 month period with the same period last year the median $/Sqft declined 9.5% and when comparing the most recent 6 month period with the same previous 6 month period the median $/Sqft declined 4.1%. These statistics indicate a consistent and steadily declining property values trend. I also performed a spot comparison of similar sales over the past year. The comparison confirmed the declining property values trend.

Based on the number of sales over the past 3 months there are currently 3.1 months of housing inventory, which indicates a balanced demand/supply trend.

The median marketing time over the past 3 months was 59 days which indicates a marketing time trend of less than 3 months.

According to the local multiple listing service, 33% of all sales over the past 3 months were bank sales or short sales which is an increase from the annual ratio of 27%. Agents do not reliably report bank sales and short sales and the actual ratios are likely higher.

Brian Ward Brian Ward Appraisal www.brianward.com office. (619) 630-9273

California & National Home Price Statistics by CoreLogic

noreply@blogger.com (Brian Ward) — Wed, 09 Nov 2011 17:48:00 +0000

CoreLogic September Home Price Index Shows Second Consecutive Month-Over-Month and Year-Over-Year Decline
According to CoreLogic, home prices nactionally are 4.1% lower than a year ago. One a state by state basis, CoreLogic's data indicates that home prices in California have declined 6.5% over the past year, but when only non-distressed sales are considered the decline was 1.6%.

Brian Ward
Brian Ward Appraisal
www.brianward.com
office. (619) 630-9273
mobile. (760) 636-6777

Cardiff By The Sea Housing Statistics 11/06/2011

noreply@blogger.com (Brian Ward) — Sun, 06 Nov 2011 22:36:00 +0000

There are too few sales in Cardiff By The Sea for accurate property value trend identification using only properties within Cardiff By The Sea. To develop the most probable trend, I have included all properties within an approximate 6.5 mile radius which stretches from the 56 Freeway to the south, Palomar Airport Rd to the north, the Pacific Ocean to the west, and Rancho Santa Fe to the east. Such a large radius is required because of the prevalence of custom homes and homes with highly desirable external value influences, such as views and proximity to the Pacific Ocean.

When comparing the most recent 6 month period with the same period last year, the median $/Sqft declined 0.9% which indicates an effectively stable property values trend.

Considering only properties within the city of Cardiff By The Sea, and based on the past 3 months sales, there are currently 4.5 months of housing inventory which indicates a balanced demand/supply trend.

Considering only properties within Cardiff By The Sea, the median marketing time over the past 3 months was 57 days which indicates a marketing time trend of less than 3 months.

17% of all sales over the past 3 months in Cardiff By The Sea were bank sales or short sales which is consistent with the annual rate of 16%. Real estate agents do not reliably describe bank/short sale listings in the local MLS and the actual ratios maybe higher.

Brian Ward

m. (760) 636-6777
o. (619) 630-9273
www.brianward.com
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Escondido, CA Housing Statistics as of 11/01/2011

noreply@blogger.com (Brian Ward) — Thu, 03 Nov 2011 22:29:00 +0000

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When comparing the most recent 5 month period with the same period last year the median $/Sqft declined 7.9%. When comparing the most recent 4 month period with the previous 4 month period the median $/Sqft declined 0.9%. These statistics indicate that property values have declined over the past year, but that the rate of decline has decreased lately.

When considering the number of sales over the past 30 days, there are currently 4.6 months of housing inventory, indicating a balanced demand/supply trend.

The median marketing time for closed sales over the past 3 months was 63 days, indicating a marketing time trend of less than 3 months.

The Sandicor MLS reports that 50% of all sales over the past 3 months were bank sales or short sales, which is slightly greater than annual ratio of 48%.. Real estate agents do not reliably describe bank sales or short sales in the MLS and the actual ratios of these sales are likely higher.

Over the past 6 months, the median $/Sqft of bank sales and short sales was 13.4% less than standard home sales. This reflects not only buyers' reaction to bank/short sales as undesirable, but also the tendency of bank/short sales to be in inferior condition - as well as other factors.

Brian Ward
Escondido Home Appraiser
brian@brianward.com
(760) 636-6777

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Chula Vista Home Value Statistics as of 10/27/2011

noreply@blogger.com (Brian Ward) — Tue, 01 Nov 2011 00:02:00 +0000

When comparing the most recent 3 month period with the same period last year the median $/Sqft declined 7%. When comparing the most recent 3 month period with the previous 3 month period the median $/Sqft declined 0.7%. These statistics indicate that property values have declined over the past year, but that the rate of decline has decreased lately.

When considering the number of sales over the past 30 days, there are currently 3.4 months of housing inventory, indicating a balanced demand/supply trend.

The median marketing time for closed sales over the past 3 months was 56 days, indicating a marketing time trend of less than 3 months.

The Sandicor MLS reports that 59% of all sales over the past 3 months were bank sales or short sales, which has been a steady ratio over the past year. Real estate agents do not reliably describe bank sales or short sales in the MLS and the actual ratios of these sales are likely higher.

Brian Ward Appraisal
brian@brianward.com
www.brianward.com
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San Marcos, CA Home Value Statistics as of 10/29/2011

noreply@blogger.com (Brian Ward) — Mon, 31 Oct 2011 04:51:00 +0000

When comparing the most recent 6 month period with the same period last year the median $/Sqft declined from $202.17 to $192.50 / 4.8%, When comparing the most recent 6 month period with the previous 3 month period the median $/Sqft declined from $197.49 to $192.50 / 2.5%.

When considering the number of sales over the past 3 months there are currently 5.3 months of housing inventory, indicating a balanced demand/supply trend.

The median marketing time over the past 3 months was 47 days, indicating a marketing time trend of less than 3 months.

The Sandicor MLS reports that 47% of all sales over the past 3 months were bank sales or short sales, which is a slight decrease from the annual ratio of 52%. Real estate agents do not reliably describe bank sales or short sales and the actual ratios of these sales are likely higher.

Brian Ward Appraisal
Real Estate Appraisal Services for San Marcos, CA
brian@brianward.com
www.brianward.com
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Escondido, CA Condominium Housing Statistics

noreply@blogger.com (Brian Ward) — Tue, 14 Jun 2011 03:15:00 +0000

The median condominium value changed only $1,000 over the past year indicating a stable property values trend. There are currently 3.5 months of housing inventory which indicates a balanced demand/supply trend. Over the past 13 months properties sold in a median of 17 days inidcating a marketing time trend of under 3 months, although the median marketing time of actively listed properties is currently 159 days. 76% of all condominiums sales over the past 3 months were bank sales or short sales.

Brian Ward
State of California Real Estate Appraiser
(760) 636-6777
b@ward.pro
www.brianward.com

Vista, CA Housing Statistics

noreply@blogger.com (Brian Ward) — Mon, 13 Jun 2011 03:06:00 +0000

The median sale price in the city of Vista, CA has declined from $322,000 to $315,000 over the past year indicating a slightly declining to stable property values trend. There are currently 5 months of housing inventory indicating a balanced demand/supply trend. The median marketing time over the past 3 months was 38 days indicating a marketing time trend of under 3 months. The ratio of bank sales and short sales to total sales has decreased from 54% last year to 48% over the past 3 months.

The city of Vista includes a mix of land uses including suburban and rural residential, light agriculture, commercial, public (i.e. schools, parks, gov.), and religious centers. Most properties range from average to good quality and condition. Although some properties exceed the following ranges, most properties range in living area size from 1,100 to 2,765 Sqft, were built between 1960 and 1996, have 2-4 bedrooms, and have 2-3 bathrooms. Views of mountains, hills, a golf course, and distant views of the Pacific Ocean are available to some properties.

Brian Ward
State of California Real Estate Appraiser
(760) 636-6777
b@ward.pro
www.brianward.com
** Full appraisals for $299 - Most properties! **

Home Values in San Diego, CA 92120 Decline. -7.8% to -8.6% Over the Past Year

noreply@blogger.com (Brian Ward) — Tue, 29 Mar 2011 16:38:00 +0000

In the San Diego, CA zip code of 92120 the median $/Sqft declined 7.8% over the past year and the median sales price declined 8.6%, indicating a declining property values trend. There are currently 6.9 months of housing inventory indicating a balanced Demand/Supply trend. Properties sold after a median of 47 days over the past 3 months indicating a marketing time trend of under 3 months. 17% of all sales over the past 3 months were bank sales or short sales which is a decline from 23% during the same period last year and among the lowest in San Diego.

Brian Ward
San Diego Home Appraiser
www.brianward.com

Bankruptcy - Divorce - Estates - Before Buying or Selling - More

* Always order your own appraisal when buying or selling a home. The one ordered for the mortgage is for the bank to make a lending decision, not to protect or inform you, and likely will equal the purchase price because it is influenced by the purchase price.

Home Values in San Diego 27128 / Carmel Mountain are in Decline. -4.3% to -9.1% Over the Past Year

noreply@blogger.com (Brian Ward) — Tue, 29 Mar 2011 16:25:00 +0000

In the San Diego zip code of 92128 and the Carmel Mountain area the median $/Sqft declined 4.3% over the past year and the median sale price declined 9.1% indicating a declining property values trend. There are currently 5.9 months of inventory indicating a balanced demand/supply trend. Over the past 3 months properties have sold after a median of 63 days indicating a marketing time trend of under 3 months. 30% of all sales over the past 3 months were bank sales or short sales which is an increase from 27% during the same period a year earlier.

Brian Ward
San Diego Home Appraiser
www.brianward.com

Click Below for Larger Graphs

San Diego Home Values in Decline - Info. Graphic

noreply@blogger.com (Brian Ward) — Tue, 29 Mar 2011 16:11:00 +0000

S&P/Case-Shiller is reporting what I have been posting for a while - that property values in the San Diego area peaked around fall of last year and have been in decline since. As we get further into 2011, the decline will be more apparent, even if property values stay steady on a month-to-month basis because they were increasing last year through to the fall in many places. A better indicator of our market performance may be short term comparisons. The S&P/Case-Shiller graphic below ends at the start of 2011. From my own statistical compilations I can report that property values continued to decrease in most markets.

All of this having been said - San Diego, CA remains what of the best areas to buy a home based on its property values performance over the past year.

Click on the graphic below to be taken to a Flash/interactive version of the chart.

Brian Ward
San Diego Real Estate Appraiser
www.brianward.com

Home Prices in Selected Cities, Through January 2011 - Interactive Graphic - NYTimes.com

Oceanside, CA 92057 Property Values Steady, But Showing Possible Declines - www.brianward.com

noreply@blogger.com (Brian Ward) — Fri, 25 Mar 2011 04:47:00 +0000

Property values in Oceanside, CA have sharply declined recently, but have changed less than 2% overall over the past year indicating a stable property values trend that may be showing signs of declining. There are currently 4.5 months of housing inventory indicating a stable demand/supply trend. Properties sold after a median of 62 days over the past 3 months indicating a marketing time trend of under 3 months. 48% of all sales over the past 3 months were bank sales or short sales which is a decrease from 60% a year earlier.

Brian Ward
Oceanside, CA Home Appraiser
www.brianward.com

San Diego, CA 92154 Property Values Decline 11.5% and Bank/Short Sales Increase

noreply@blogger.com (Brian Ward) — Thu, 24 Mar 2011 15:26:00 +0000

In the San Diego, CA zip code of 92154 the median home value has declined 11.5% over the past year indicating a declining property values trend. There are currently 3 months of housing inventory indicating a balanced demand/supply trend. Properties sold after a median of 56 marketing days indicating a marketing time trend of under 3 months. 87% of all sales over the past 3 months were bank sales or short sales which is a sharp increase from 57% from the same period last year. See Statistical Graph Exhibit for more detail.

Brian Ward
San Diego Home Appraisal
www.brianward.com

San Diego, CA 92126 / Mira Mesa Decline 8.6% Over the Past Year - www.brianward.com

noreply@blogger.com (Brian Ward) — Wed, 23 Mar 2011 14:37:00 +0000

The median home value in the San Diego, CA 92126 / Mira Mesa declined 8.6% over the past year indicating a declining property values trend. There are currently 4.2 months of housing inventory indicating a balanced demand/supply trends. The median marketing time for closed sales was 41 days over the past 3 months indicating a marketing time trend of under 3 months. 47% of all sales were bank sales or short sales over the past 3 months which is effectively equal with 46% of all sales during the same period last year.

Brian Ward
San Diego, CA Home Appraiser
www.brianward.com

New Home Sales Plunge to Record Low in February

noreply@blogger.com (Brian Ward) — Wed, 23 Mar 2011 14:28:00 +0000

San Diego and Riverside Counties appear to be in sync with the nation.

New Home Sales Plunge to Record Low in February

Reuters | March 23, 2011 | 10:04 AM EDT
New U.S. single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, a government report showed on Wednesday, suggesting the housing market slide was deepening.

The Commerce Department said sales dropped 16.9 percent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after an upwardly revised 301,000-unit pace in January. Sales plunged to all-time lows in three of the four regions last month.

Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate.

Compared to February last year sales were down 28 percent.

An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market.

Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low.

The median sales price for a new home tumbled 13.9 percent last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9 percent. Persistent price declines could dampen hopes of a pick-up in sales during spring.

At Februarys sales pace, the supply of new homes on the market rose to 8.9 months worth, the highest since August, from 7.4 months worth in January. There were 186,000 new homes available for sale last month, matching the prior months inventory.

Fallbrook, CA Property Values Decline Over Past 6 Months

noreply@blogger.com (Brian Ward) — Tue, 22 Mar 2011 00:43:00 +0000

The median $/Sqft of homes in Fallbrook, CA declined 1.3% over the past year indicating a stable property values trend. However, when comparing the two most recent 3 months periods the median $/Sqft declined 2.7% which indicates a more steep recent decline in property values. Because the annual decline is less that 2% it is my opinion that property values are stable overall but may be trending towards property value declines, similar to a number of other areas in San Diego County. Based on the number of sales over the past 3 months there are currently 7.3 months of housing inventory, indicating a balanced demand/supply trend. Properties are selling after a median of 63 active marketing days, indicating a marketing time trend of under 3 months. The local MLS reports that 45% of all sales over the past 3 months were bank sales or short sales which is an increase from 36% during the same period last year.

Brian Ward
Fallbrook, CA Real Estate Appraiser
www.brianward.com