The Point Loma region is located on the central coast of San Diego County, California. The community is located near the west end of Interstate 8.
The real estate and homes for sale in Point Loma fall into the upper-income category. The number of homes sold in a particular year is in the average range for the region. For example, during the period from January through July 2006, approximately 94 single-family homes were sold. Approximately 96 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 $920,000, compared to $1,285,000 in July 2005, which represents a 28.4% drop. The average price of homes in July 2006 was $1,147,063, compared to $1,141,094 in July 2005, which represents a 0.50% increase. Approximately 13 homes were sold in July 2006 and 9 in July 2005. The data was mixed for July 2006, as the median price dropped 28.4%, while the average price increased half-a-percent.
The median price of homes in June 2006 was $1,024,068, compared to $927,250 in June 2005, which represents a 10.4% increase. The average price of homes in June 2006 was $1,155,007, compared to $1,146,286 in June 2005, which represents a 0.8% increase. Approximately 20 homes were sold in June 2006 and 14 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $850,000, compared to $930,000 in May 2005, which represents a 6.6% drop. The average price of homes in May 2006 was $1,180,022, compared to $1,409,545 in May 2005, which represents a 12.8% drop. Approximately 17 homes were sold in May 2006 and 11 in May 2005. In summary, there was a downward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $915,000, compared to $913,995 in April 2005, which represents a 1.8% increase. The average price of homes in April 2006 was $1,112,500, compared to $956,158 in April 2005, which represents a 18.5% increase. Approximately 11 homes were sold in April 2006 and 16 in April 2005. In summary, there was an upward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $964,000, compared to $870,000 in March 2005, which represents a 10.8% increase. The average price of homes in March 2006 was $1,051,525, compared to $1,095,632 in March 2005, which represents a 4% drop. Approximately 14 homes were sold in March 2006 and 21 in March 2005. The data was mixed for March 2006, as the median price increased and the average price decreased compared to the previous year.
The median price of homes in February 2006 was $1,265,000, compared to $849,000 in February 2005, which represents a 52.4% increase. The average price of homes in February 2006 was $1,167,857, compared to $1,215,365 in February 2005, which represents a 3.9% drop. Approximately 7 homes were sold in February 2006 and 13 in February 2005. The data was mixed for February 2006, as the median price increased and the average price declined compared to the pervious year.
The median price of homes was $1,137,500 in January 2006, compared to $867,500 in January 2005, which represents a 31.1%increase. The average price of homes in January 2006 was $1,353,006, compared to $1,071,250 in January 2005, which represents a 26.3% increase. Approximately 12 homes were sold in January 2006 and 12 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 a 2.1% decrease in the number of homes sold from 2005 to 2006. Besides that, no clear pattern emerged. Three of seven months (January, April and June 2006), showed increases in the median and average price (range 0.8% to 31.1%). In the contrast, the data for May 2006 showed a decrease in the median and average price (range ?6.6% to ?12.8%). The data was mixed for the months of February, March and July 2006. Some of these months showed increases in the median and average price, while others showed decreases in these same values. A longer period of evaluation is needed to determine if any clear patterns emerge.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Point Loma, San Diego.
