The Pacific Beach region is located on the coast of central San Diego County, California. The community is located off Interstate 5 at Garnet Ave.
The real estate and homes for sale in Pacific Beach fall into the moderate to upper- income categories. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 79 single-family homes were sold. Approximately 133 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 $910,000. The median price of homes in July 2005 was also $910,000, so there was no change in this value from the previous year. The average price of homes in July 2006 was $976,894, compared to $949,172 in July 2005, which represents a 3.1% increase. Approximately 16 homes were sold in July 2006 and 16 in July 2005. In summary, there was no change in the median price, but there was an increase in the average price compared to the same period last year.
The median price of homes in June 2006 was $851,960, compared to $1,000,000 in June 2005, which represents a 14.8% drop. The average price of homes in June 2006 was $1,061,931, compared to $1,213,759 in June 2005, which represents a 12.5% drop. Approximately 15 homes were sold in June 2006 and 19 in June 2005. In summary, there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $860,000, compared to $940,000 in May 2005, which represents an 8.5% drop. The average price of homes in May 2006 was $949,267, compared to $976,604 in May 2005, which represents a 2.8% drop. Approximately 15 homes were sold in May 2006 and 23 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 $970,000, compared to $870,000 in April 2005, which represents an 11.5% increase. The average price of homes in April 2006 was $1,186,444, compared to $1,029,823 in April 2005, which represents a 15.2% increase. Approximately 9 homes were sold in April 2006 and 33 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 $670,000, compared to $885,000 in March 2005, which represents a 22.8% drop. The average price of homes in March 2006 was $671,000, compared to $948,524 in March 2005, which represents a 28.4% drop. Approximately 5 homes were sold in March 2006 and 17 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $1,042,500, compared to $862,875 in February 2005, which represents a 20.8% increase. The average price of homes in February 2006 was $1,352,500, compared to $1,129,480 in February 2005, which represents a 19.70% increase. Approximately 12 homes were sold in February 2006 and 11 in February 2005. In summary, that there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $875,000 in January 2006, compared to $858,500 in January 2005, which represents a 1.9% increase. The average price of homes in January 2006 was $839,361, compared to $926,821 in January 2005, which represents a 9.4% drop. Approximately 7 homes were sold in January 2006 and 14 in January 2005. The data was mixed for January 2006, as the median priced increased slightly, while the average price dropped.
So what does the above data tell us? Overall, there was a 40.6% reduction in the number of homes sold from 2005 to 2006. Besides that, no clear pattern emerged. Three of seven months (March, May and June 206) had reductions in the median and average price (range 2.8% to 28.4%). Two of the months (February and April 2006) had increases in the median and average price (range 11.5% to 20.8%). The data was mixed for the months of January and July. The data for January 2006 showed as slight increase in the median price (1.9%), and a decrease in the average price (-9.4%). The data for July 2006 showed no change in the median price, and an increase of 3.1% in the average price. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear and enduring pattern emerges.
Be sure to consult your Realtor on other factors that influence home pricing before buying or selling real estate in Pacific Beach, San Diego.
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