March 2016 Market Update – Point Loma 92106
There are 4 very important charts to follow in this zip code. They are “Sold Listings”, “Active Listings”, “Pending Listings” and “Months of Inventory – Actual”. Since the zip code has a small sample size of only 24 sales per month over the last 13 months, one sale can drastically affect any of the other charts. They are good to use to get a general understanding of the market, but you also need to look into the story behind the numbers as well. For example, if you look at the “Sales Price” graph, you will notice that the average sales price in February 2016 skyrockets to $2.5+ mil. One sale out of the 13 in February closed for $17.7 million!
The 4 charts mentioned earlier are great indicators of where the local market is heading. The number of active listings remains extremely low, while the number of sales is growing. If you look at the sold and pending listings, you will notice a jump in March that appears to continue through April. Perhaps the most important graph is the “Months Supply of Inventory – Actual”. This is calculated by taking the number of sales happening per month divided by the number of available inventory.
One chart to avoid in Point Loma is the “New Listings” portion. In Point Loma, there are a handful of agents that expire and relist property each month. This means the listings are just recycled and appear to be “New”. If you notice, the graph shows that there are about 42 listings on average added each month, which is not the case. With such a small sample size, this effects market time as well.
Point Loma is a strong sellers market, with inventory right around 2.5%. There is not much competition and it is a great time to be a seller. If you look at the pending listings, inventory is projected to shrink a small amount over the next month as well.
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Average Vs. Median Sales Price in 92106
- Average Sales Price
- Median Sales Price
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Market Time
- Average Market Time
- Median Market Time
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Months Supply of Inventory Forecast (Pending Listings)
# Active Listings / # Pending That Month
Average Vs. Median List to Sales Price (%)
- Average List to Sales (%)
- Median List to Sales (%)
Number of Sales
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the Sandicor MLS on April 1st, 2016.