San Diego Back Country Sale Prices Fall
Homes in the San Diego back country are, on average, selling for $258,964 at 97% of the offering price in 128 days, which buys 2 bedrooms and 2 baths and 1,673 square feet of living space on a little over 4 acres of land. The 14 sales are only 67% of the total sales during the same period last year, with a 26.5% increase in value for nearly the same square footage and lot size. Thus, homes are appreciating at the rate of over 2.2% per month; less sales for a lot more money – the sign of a recovering equity sales market.
Julian and Back Country Land Sales
Land sales have shown little signs of improvement. An average parcel of 18.9 acres will cost $90,945 at 61.5% of the asking price after 230 days on the market, on average. To date this year, there have been 11 sales in the 5 zip code backcountry area, a decrease of 3 sales during the same period last year, with a 30% decrease in value. Market time has increased by about 90 day to 230 days average market time for sold properties. It appears from the data that land value is still months off from stabilizing.
