Mission Valley, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Author: Real Estate Pros
Source: articledashboard.com
The Mission Valley region is located in central San Diego County, California. The community is located just north of Interstate 8, between Interstate 805 and highway 163.
The real estate and homes for sale in Mission Valley falls into the moderate-income category. The number of homes sold in a particular year is relatively low. For example, during the period from January through July 2006, approximately 79 single-family homes sold. Approximately 106 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $567,500, compared to $529,000 in July 2005, which represents a 7.2% increase. The average price of homes in July 2006 was $577,650, compared to $554,267 in July 2005, which represents a 4.4% increase. Approximately 12 homes sold in July 2006 and 15 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $510,000, compared to $540,000 in June 2005, which represents a 3.8% drop. The average price of homes in June 2006 was $537,429, compared to $569,333 in June 2005, which represents a 5% drop. Approximately 7 homes sold in June 2006 and 18 in June 2005. In summary, there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $535,000, compared to $522,250 in May 2005, which represents a 2.5% increase. The average price of homes in May 2006 was $566,942, compared to $584,068 in May 2005, which represents a 2.3% drop. Approximately 12 homes sold in May 2006 and 17 in May 2005. The data was mixed for May 2006, as the median priced increased 2.5% and the average price decreased 2.3%.
The median price of homes in April 2006 was $507,500, compared to $532,000 in April 2005, which represents a 2.4% drop. The average price of homes in April 2006 was $576,625, compared to $545,546 in April 2005, which represents a 6.3% increase. Approximately 8 homes sold in April 2006 and 17 in April 2005. The data was mixed for April 2006, as the median priced decreased 2.4% and the average price increased 6.3%.
The median price of homes in March 2006 was $516,500, compared to $595,000 in March 2005, which represents a 13.2% drop. The average price of homes in March 2006 was $539,750, compared to $609,300 in March 2005, which represents an 11.4% drop. Approximately 22 homes sold in March 2006 and 15 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $510,000, compared to $505,000 in February 2005, which represents a 1% increase. The average price of homes in February 2006 was $529,900, compared to $529,585 in February 2005, which represents a 0.10% increase. Approximately 11 homes sold in February 2006 and 13 in February 2005. In summary, there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $515,000 in January 2006, compared to $520,000 in January 2005, which represents a 1% drop. The average price of homes in January 2006 was $564,057, compared to $513,681 in January 2005, which represents a 9.8% increase. Approximately 7 homes sold in January 2006 and 11 in January 2005. The data was mixed for January 2006, as the median priced decreased 1% and the average price increased 9.8%.
So what does the above data tell us? Overall, there was a 25.5% decline in the number of homes sold from 2006 to 2005. Besides that, there was no clear pattern that emerged from the data. Two months (February and July 2006) had increases in both the median price and the average price. Two months (March and June 2006) had decreases in both the median price and the average price. Three of the months (January, April and May 2006) had mixed data, during which the median and average prices were up some of these months and down others. Given the ups and downs described above, a longer period of evaluation is needed to determine if a clear trend is evident for the Mission Valley real estate market.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Mission Valley.