2008 Year End Summary
2008 Year End Summary
Bob Weurding, Broker Associate
Team Weurding Realty
The year 2008 was by no means a good year for real estate in
San Diego County, but it was not “all” bad either, certainly not as bad as the National press has been reporting. To be honest, we began the year as one of the least affordable places in the country, with a housing affordability index of less than 10%. Something had to change and in our case it was price because it certainly was not the number of sales (demand). The number of home sales rose by 12.2% over 2007. While the “average” sales price for the county was off by 25.7% compared to 2007 numbers, that was not necessarily felt in every zip code.
The inventory level throughout the county managed to drop from 5.4 months worth of unsold listings in January of 2008 to its present level of 3.9 months. There are even some zip codes with less than a two month supply (a little low). If you understand the principle of supply and demand, this is an early indicator that prices are going back up, at least in parts of the county. To help support this theory, in December of 2008 the average price of home sales rose in 43 of the 101 zip codes throughout the county by 3.2% over the November prices, with 2.6% more sales. The number of pending sales (properties in escrow) also rose by 5.9%.
The problem we have with the news that most of us read in the local newspapers or hear on the TV tends to be more macro in nature, which tells us very little about specific neighborhoods. For that reason we took the time to break the numbers down by zip code so you will have a better idea on how your home value has actually been affected by the overall downturn in the economy. These numbers were compiled using only SFR (single family residence detached) homes and did not take into account new construction or attached homes. We then compared each of the different zip codes to the county average. As of January 1st 2009 the percent of decline in prices for the entire county was 25.7%.
There are 101 zip codes that make up San Diego County. Nine of those zip codes actually reported no loss of value or actually increased in value.
ZIP CODE AREA AVG SALES PRICE 2007 to 2008
92107 Ocean Beach No loss
92121 Sorrento Mesa Increased 1%
92075 Solana Beach Increased 4%
92066 Ranchita Increased 12%
92067 Rancho Santa Fe Increased 14%
91931 Guatay Increased 18%
92070 Santa Ysabell Increased 38%
92086 Warner Springs Increased 40%
91948 Mt Laguna Increased 101%
Twelve of the zip codes ended the year with less than a 10% decrease in value. Remember, this is after years of steady increases.
ZIP CODE AREA AVG SALES PRICE 2007 TO 2008
92110 Old Town Decreased .5%
92118 Coronado Decreased .7%
92130 Carmel Valley Decreased .8%
91978 Spring Valley Decreased 1.7%
92106 Point Loma Decreased 6.1%
92122 University City Decreased 7.5%
92010 Carlsbad Decreased 7.8%
92037 LaJolla Decreased 9.1%
92009 Carlsbad (La Costa) Decreased 9.4%
92101 S D Centre City Decreased 9.4%
92011 Carlsbad Decreased 9.5%
92124 Tierrasanta Decreased 9.6%
On the other end of the scale, twenty six of the zip codes lost more than 30% in value. We don’t believe it would be much of a stretch to say that most of these areas were the hardest hit with short sales and foreclosures mostly due to all of the risky and bad loans that many of these residents got involved with.
ZIP CODE AREA AVG SALES PRICE 2007 to 2008
91905 Boulevard Decreased 55.1%
92003 Bonsall Decreased 52.2%
92061 Pauma Valley Decreased 46.8%
92059 Pala Decreased 45.8%
92113 Logan Heights Decreased 41.8%
92114 Encanto Decreased 38.4%
92105 City Heights Decreased 37.9%
91950 National City Decreased 37.4%
92025 Escondido Decreased 37.2%
92173 San Ysidro Decreased 35.4%
91945 Lemon Grove Decreased 35.3%
91911 Chula Vista Decreased 34.7%
92139 Paradise Hills Decreased 34.0%
92027 Escondido Decreased 33.9%
92020 El Cajon Decreased 33.6%
91906 Campo Decreased 33.5%
92083 Vista Decreased 33.1%
92060 Palomar Mtn. Decreased 33.0%
92084 Vista Decreased 32.7%
91977 Spring Valley Decreased 31.7%
92154 Otay Mesa Decreased 31.3%
91910 Chula Vista Decreased 30.9%
92057 Oceanside Decreased 30.4%
92036 Julian Decreased 30.4%
92102 S D Chollas View Decreased 30.3%
92115 S D East Decreased 30.2%
If your area in San Diego County is not included in this report, and you would like more information please give us a call or email and we would be more than happy to assist you. Likewise, if you know somebody that would benefit from the services that we provide our clients please call or email us with their name and contact information and we will take it from there.
Personally we are looking for great things in 2009. May your lives be blessed with prosperity and good health in the New Year…
