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University City, San Diego, Real Estate Market Trends and Community Information, August 2006
University City is situated in central San Diego County next to the University of California, San Diego (UCSD). There are approximately 36, 103 residents in this Zip code (92122) and 16,832 households. The median age of residents is 33.93 years.
The temperature in University City is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72įF. The coldest time of year occurs in December with average temperatures falling to 56į F.
HOME AND REAL ESTATE PRICES
The housing options in University City include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
∑ One bedroom townhouse/condominium start in the high 0,000s.
∑ Two bedroom townhouse/condominium start in the low 0,000s.
∑ Three bedroom townhouse/condominium start in the low 0,000s.
∑ Two bedroom single-family homes start in the mid 0,000s.
∑ Three bedroom single-family homes start in the high 0,000s.
∑ Four bedroom single-family homes start in the mid 0,000s.
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 itís a buyers market or a sellerís 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 jumped from 5,000 in June 2005 to 0,000 in June 2006, which represents a 10.6% increase. Fewer homes sold in June 2006 (5 homes) than in June 2005 (19 homes). The average time to sell a home increased from 28 days in June 2005 to 41 days in June 2006. The ratio between the asking price to the sales price decreased slightly over the past 12 months. Sellers obtained 97% of their asking price in June 2005, and 96.6% of their asking price in June 2006.
The median price of condominiums and townhomes dropped from 0,000 in June 2005 to 0,000 in June 2006, which represents a 13.3% decline. One more unit sold in June 2006 (27 units) than in June 2005 (26 units). The average time to sell a unit increased from 41 days in June 2005 to 54 days in June 2006. The ratio between the asking price to the sales price remained relatively stable over the past 12 months. Sellers obtained 96.6% of their asking price in June 2005, and 96.3% 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.
About the Author: http://www.sdhomedatabase.com