By Mark Di Tommaso
Owner/Broker – 8 West Property Management
June 24, 2015
As expressed by Trulia: “The median sales price for homes in Chula Vista CA for Mar 15 to Jun 15 was $417,500. This represents an increase of 3.1%, or $12,500, compared to the prior quarter and an increase of 4.4% compared to the prior year. Sales prices have appreciated 30.5% over the last 5 years in Chula Vista. The average listing price for Chula Vista homes for sale on Trulia was $533,521 for the week ending Jun 10, which represents an increase of 0.9%, or $4,616, compared to the prior week and an increase of 6.2%, or $30,940, compared to the week ending May 20… Popular neighborhoods in Chula Vista include Otay Ranch Village, Eastlake Greens, Rolling Hills Ranch, Eastlake, Eastlake Land Swap, and Sunbow”.
It is significant to note that the largest strides in value were experienced by properties with a smaller number of bedrooms. This is reflected in the price per square foot of Chula Vista residential real estate increasing over 7% in contrast to the 4.4% overall price increase.
The contrast between this enjoyable continuing short term trend and some disturbing long term fundamentals can be perplexing. Some of the explanation may exist in supply side of the “supply and demand” economic dynamic. According to Trulia, since May 20, 2015 – the number of home listings in the market has declined almost 9%.
We hope these market updates are helpful in planning your strategy for San Diego property management and investing.
