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Tierrasanta, San Diego, Real Estate Market Trends and Community Information, August 2006
By: RealEstatePros

COMMUNITY INFORMATION

Tierrasanta is situated in central San Diego County within the state of California. There are approximately 31,758 residents in this Zip Code (92124) and 10,877 households. The median age of residents is 31.32 years.

TEMPERATURE

The temperature in Tierrasanta 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 Tierrasanta 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 low $300,000s.
- Three bedroom townhouse/condominium start in the low $400,000s.
- Three bedroom single-family homes start in the mid $400,000s.
- Four 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 $650,000 in June 2005 to $570,000 in June 2006, which represents a 12.3% decline. Fewer homes sold in June 2006 (9 homes) than in June 2005 (17 homes). The average time to sell a home increased from 31 days in June 2005 to 35 days in June 2006. The ratio between the asking price to the sales price increased over the past 12 months. Sellers obtained 96.8% of their asking price in June 2005, and 98% of their asking price in June 2006.

The median price of condominiums and townhomes dropped from $450,000 in June 2005 to $428,000 in June 2006, which represents a 4.9% decline. One fewer units sold in June 2006 (10 units) than in June 2005 (11 units). The average time to sell a unit increased from 51 days in June 2005 to 72 days in June 2006. The ratio between the asking price to the sales price remained relatively stable over the past 12 months. Sellers obtained 96.5% of their asking price in June 2005, and 96.1% 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.

The source for the market trends data above is ReReport.com.

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