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Local Home Values Surging Upward
LA MESA –-The latest statistics on home sales in the greater La Mesa area show home prices surging significantly in year over year comparisons. Both the number of homes sold and the price they are going for are increasing as more homes come out from under water after the real estate downturn.
All this is good news for local homeowners.
Existing detached home sales in the 91941 zip code increased last month compared to same time last year. In April 2013 a total of 30 detached properties sold at a median sales price of $462,500. Last month, 37 detached properties sold at a median sales price of $560,000.
The total number of sales for the month of April, which are completed transactions that include only detached homes rose approximately 23 percent compared to same time last year. The median existing-home price also increased roughly 21 percent.
Earlier this month, the National Association of Realtors (NAR) reported the market share of all-cash purchases has risen despite a downtrend in distressed home sales and investor activity. In La Mesa’s 91941 distressed homes accounted for 10 percent of April sales in 2013, there were no registered distressed home sales in April 2014. Last April, cash purchases were 27 percent of all transactions; this year, cash purchases were 19 percent of all transactions.
In 2014, properties sold faster in April, the average time on market was 29 days, down from 59 days in March 2014; it was 62 days on market in April 2013.
In the La Mesa 91942 zip code, home prices also increased in April 2014 compared to same time last year, however, the number of sales transactions decreased last month by approximately 13 percent.
In April 2013 a total of 30 detached homes sold at a median sales price of $385,000, the average time on market, 50 days. Last month, 26 detached homes sold at a median sales price of $466,000 and an average time on market of 31 days, trending higher than March 2014 with a total of 20 transactions and a median sales price of $418,400, average days on market of 41 days.
In La Mesa’s 91942 distressed homes accounted for 23 percent of April sales in 2013, there were no registered distressed home sales same time this year. Last April, cash purchases were 7 percent of all transactions; this year, cash purchases were 15 percent of all transactions.