The Paradise Hills region is located in central San Diego County, California. The community is located off Interstate 805 just north of highway 54.
The real estate and homes for sale in Paradise Hills fall into the moderate-income category. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 72 single-family homes were sold. Approximately 101 homes were 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 $470,000, compared to $460,000 in July 2005, which represents a 2.2% increase. The average price of homes in July 2006 was $492,000, compared to $462,094 in July 2005, which represents a 7% increase. Approximately 8 homes were sold in July 2006 and 16 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 $507,500, compared to $484,500 in June 2005, which represents a 5.7% increase. The average price of homes in June 2006 was $506,250, compared to $491,469 in June 2005, which represents a 4.1% increase. Approximately 8 homes were sold in June 2006 and 16 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
There was no change in the median price of homes from May 2005 to May 2006 ($455,000). The average price of homes in May 2006 was $485,273, compared to $456,562 in May 2005, which represents a 5.4% increase. Approximately 11 were homes sold in May 2006 and 16 in May 2005. In summary, while there was a 5.4% increase in the average price from the same time last year, there was no change in the median price.
The median price of homes in April 2006 was $462,500, compared to $477,000 in April 2005, which represents a 2.5% drop. The average price of homes in April 2006 was $447,250, compared to $473,288 in April 2005, which represents a 4.4% drop. Approximately 12 homes were sold in April 2006 and 17 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $467,500, compared to $450,000 in March 2005, which represents a 2.7% increase. The average price of homes in March 2006 was $467,344, compared to $456,393 in March 2005, which represents a 2.2% increase. Approximately 16 homes were sold in March 2006 and 14 in March 2005. In summary, there was an upward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $422,500, compared to $465,000 in February 2005, which represents an 8.5% drop. The average price of homes in February 2006 was $452,944, compared to $468,154 in February 2005, which represents a 2.9% drop. Approximately 9 homes were sold in February 2006 and 13 in February 2005. In summary, there was a downward price trend in February 2006 compared to the same period last year.
The median price of homes was $467,250 in January 2006, compared to $450,000 in January 2005, which represents a 4.1% increase. The average price of homes in January 2006 was $487,800, compared to $473,111 in January 2005, which represents a 4.7% increase. Approximately 8 homes were sold in January 2006 and 9 in January 2005. In summary, there was an upward price trend in January 2006 compared to the same period last year.
So what does the above data tell us? Overall, there was 28.7% decline in the number of homes sold from 2005 to 2006. Five of seven months (January, March, June and July 2006) showed increases in the median and average price (range 2.2% to 7%). In addition, the month of May 2006 had an increase in the average price, but no change in the median price. In contrast, two months (February and April 2006) had decreases in the median and average price (range 2.5% to 8.5%). On balance, there is more evidence of price appreciation than decline for Paradise hills. However, a longer period of evaluation is needed to determine if this pattern persists.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Paradise Hills, San Diego.
