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COMMUNITY INFORMATION
Sorrento Valley is situated near the coastline in North San Diego County off Interstate 5, within the state of California. There are approximately 4,521 residents in this Zip Code (92121) and 1,675 households. The median age of residents is 30.31 years.
TEMPERATURE
The temperature in Sorrento Valley is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 56° F.
HOME AND REAL ESTATE PRICES
The housing options in Sorrento Valley include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
· One bedroom townhouse/condominium start in the mid $300,000s.
· Two bedroom townhouse/condominium start in the high $300,000s.
· Three bedroom townhouse/condominium start in the high $400,000s.
· Three bedroom single-family homes start in the low $600,000s.
· Four bedroom single-family homes start in the high $600,000s.
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 $870,000 in June 2005 to $861,000 in June 2006, which represents a 1% decline. One more home sold in June 2006 (6 homes) than in June 2005 (5 homes). The average time to sell a home decreased slightly from 25 days in June 2005 to 24 days in June 2006. The ratio between the asking price to the sales price increased slightly over the past 12 months. Sellers obtained 95.1% of their asking price in June 2005, and 96.8% of their asking price in June 2006.
The median price of condominiums and townhomes dropped from $558,000 in June 2005 to $500,000 in June 2006, which represents a 10.4% decline. Fewer units sold in June 2006 (2 units) than in June 2005 (7 units). The average time to sell a unit increased from 33 days in June 2005 to 61 days in June 2006. The ratio between the asking price to the sales price decreased over the past 12 months. Sellers obtained 98.3% of their asking price in June 2005, and 92.7% of their asking price in June 2006.
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.
www.sdhomedatabase.com
www.pacific-beach-homes.com
www.rereport.com/sdccsd/lall/
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