The combined communities of National City (zip code 91950), Chula Vista (zip codes 91910, 91911, 91913, 91914 and 91915) and Bonita (zip code 91902) show an interesting trend of decreasing median home sales prices in detached single family homes and an increase in median sales prices for attached homes.
The definition of a median home price is the middle price not the average price of homes sold, or 50 percent of the homes sold higher than the median and 50 percent sold lower than the median. Many times the average price and the median price are close if more homes were sold close to the median price. At other times they can be far apart if more homes are sold at the lowest end of the price range or vice versa.
In the first quarter of 2010 the median price of an attached home was $184,950. March’s number increased by $25,050 to $210,000, or 13.5 percent above January’s number.
The median price of a detached home in the same area for the first quarter is $350,000 with March being the highest at $380,000 and February being the lowest at $342,000; a month to month increase of $38,000. The most expensive home sold in the first quarter was in the 91914 zip code selling at $1,100,000 in February.
In a year-over-year first quarter comparison of 2009 and 2010 attached home median prices increased by $8950 or 9.5 percent from $176,000 in 2009 to $184,950 in 2010. Detached home median prices decreased by $10,000 or 9.7 percent, from $360,000 in 2009 to $350,000 in 2010.
These statistics reveal that long time home owners with detached houses are holding on to their properties and will not be interested in selling until the housing values increase. The opposite is true with the attached, (i.e., townhomes, condos, duplexes) whose lower prices are more attractive for first-time home buyers.
Statistical analysis compiled by Pacific Southwest Association of Realtors(r) staff and Sandicor Multiple Listing Service.
