Tuesday, December 30, 2014

Local Real Estate Prices: Higher in Clairemont Than Bay Park?

I recently saw a report that listed San Diego home prices by zip code. It included last year's median price as well for comparison. I was surprised to see the 92117 (Clairemont) zip code showed a higher median price than 92110 (Bay Park).  I asked a couple of real estate experts in the area why that would be, when normally the 92117 zip code home prices are lower than 92110. I got a few different answers, which I will share this week. 

Today we hear from Judy Bramer, half of the duo Trisha & Judy.

I recall taking a Statistics class my first year at San Diego State and the professor told us -- you can make the data tell you anything you want ... in this case, the 92110 statistics are skewed by properties that are not in Bay Park, and include lower price point properties in Mission Valley and Point Loma. And in November, there were not any homes in Old Town or Mission Hills neighborhoods that are generally higher prices. Yes, all of these neighborhoods have 92110 as their zip code, so it takes a bit of dissection to pull out just the Bay Park-92110 numbers.

So when I pull out just Bay Park-92110 detached home sales versus Clairemont-92117 detached, here's what the numbers look like, and yes, when looking at the numbers this way, Bay Park still has higher sales prices :)
Zip Code       Period                  # Sold         Average $          Median $
92110         November 2014         9              $577,000           $596,000
92110         2014 Year to Date     80             $688,290           $674,000

92117          November 2014       31             $566,870          $545,000
92117          2014 Year to Date  403             $540,951          $520,000

Keep in mind that many on-line real estate valuation programs, use only the average, and don't take into consideration other factors, such as location (busy street vs. canyon), view (water or neighbor's back yard), condition (recent remodel vs. fixer) or other factors that should be considered in valuing your home. Do not rely solely on the the on-line real estate estimate/valuation programs.

When an owner needs to know the value of their home, it's time to call in an expert REALTOR who can take into consideration all of the data and factors for a true picture of your home's value.

Trisha & Judy have more than 30 years of real estate experience, hundreds of Clairemont and Bay Park homes sold, and many, many happy clients. Thinking of selling, or need to know the value of your home? Give Trisha & Judy a call for a free market valuation today.

Tomorrow we will hear from Janett Lewis McWilliams of Gold List Properties.

No comments:

Post a Comment

Thank you for your comment.

Note: Only a member of this blog may post a comment.