Old Town, San Diego, Real Estate Market Trends and Community Information, August 2006

By:Real Estate Pros

COMMUNITY INFORMATION

The Old Town community is situated in central San Diego County within the state of California. There are approximately 23,567 residents in this Zip code (92110) and 9,953 households. The median age of residents is 34.14.years.

TEMPERATURES

The temperature in Old Town is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 73°F. The coldest time of year occurs in December with average temperatures falling to 58° F.

HOME AND REAL ESTATE PRICES

The housing options in Old Town include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:

· One bedroom townhouse/condominium start in the low $200,000s.

· Two bedroom townhouse/condominium start in the high $200,000s.

· Three bedroom townhouse/condominium start in the low $400,000s.

· Two bedroom single-family homes start in the low $500,000s.

· Three bedroom single-family homes start in the mid $500,000s.

REAL ESTATE MARKET TRENDS

As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).

The median price of single-family homes dropped from $719,500 in June 2005 to $580,000 in June 2006, which represents a 19.4% decrease. Fewer homes sold in June 2006 (5 homes) than in June 2005 (14 homes). The average time to sell a home increased from 38 days in June 2005 to 100 days in June 2006.

The median price of condominiums and townhomes jumped from $385,000 in June 2005 to $409,000 in June 2006, which represents a 6.2% increase. Fewer units sold in June 2006 (12 units) than in June 2005 (25 units). Units took longer to sell in June 2006 (45 days) than in June 2005 (29 days).

Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.

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