The median asking price for homes in San Diego peaked in June 2006 at $539,225 and is now $147,225 (27.3%) lower. From a low of $336,250 in March 2012, the median asking price in San Diego has increased by $55,750 (16.6%).
This graph from HousingTracker shows the median asking prices split into three tiers – it looks like the upper 75% tier has been responsible for almost the entire gain.
The median price of the 75% group increased from roughly $600,000 at the beginning of last year, to around $700,000 this year:
Have selling prices followed?
Let’s use NSDCC detached-homes to represent the upper tier.
Here are the December year-over-year sales statistics:
|Year||#Sales||Average SP||Avg. $/sf||Median SP||Median $/sf|
The average of those four pricing changes is +9.125%. The buyers have responded favorably, but there appears that we’ve just gotten back to about where we were in 2010.
Would considering 2010 comps in your valuations be prudent? In areas where you have to go back 24 months to find enough sales, it looks like they could be applicable.
Factor in the inventory change too: