The Sorrento Valley region is located in North San Diego County, California. The community is located at the intersection of Interstate 5 and 805, and is just 15 miles north of Downtown San Diego.
The real estate and homes for sale in Sorrento Valley fall in the upper-income category. The number of homes sold in a particular year is relatively low. For example, during the period from January through July 2006, approximately 23 single-family homes sold. Approximately 22 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $820,000, compared to $900,000 in July 2005, which represents an 8.9% drop. The average price of homes in July 2006 was $820,000, compared to $888,333 in July 2005, which represents a 7.7% drop. Approximately 2 homes sold in July 2006 and 3 in July 2005. The data provides evidence that there was a downward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $861,000, compared to $870,000 in June 2005, which represents a 1% drop. The average price of homes in June 2006 was $829,500, compared to $860,000 in June 2005, which represents a 3.5% drop. Approximately 6 homes sold in June 2006 and 5 in June 2005. The data provides evidence that there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $750,000, compared to $735,000 in May 2005, which represents a 2% increase. The average price of homes in May 2006 was $754,667, compared to $745,000 in May 2005, which represents a 1.3% increase. Approximately 3 homes sold in May 2006 and 3 in May 2005. The data provides evidence that there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $750,000, compared to $810,000 in April 2005, which represents a 7.4% drop. The average price of homes in April 2006 was $750,000, compared to $826,375 in April 2005, which represents a 9.2% drop. Approximately 2 homes sold in April 2006 and 4 in April 2005. The data provides evidence that there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $820,000, compared to $715,000 in March 2005, which represents a 14.7% increase. The average price of homes in March 2006 was $828,167, compared to $715,000 in March 2005, which represents a 15.8% increase. Approximately 6 homes sold in March 2006 and 1 in March 2005. The data provides evidence that there was an upward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $860,000, compared to $715,000 in February 2005, which represents a 20.3% increase. The average price of homes in February 2006 was $860,000, compared to $699,333 in February 2005, which represents a 23% increase. Approximately 1 home sold in February 2006 and 3 in February 2005. The data provides evidence that there was an upward price trend in February 2006 compared to the same period last year.
The median price of homes was $735,000 in January 2006, compared to $820,000 in January 2005, which represents a 10.4% drop. The average price of homes in January 2006 was $768,333, compared to $813,333 in January 2005, which represents a 5.5% drop. Approximately 3 homes sold in January 2006 and 3 in January 2005. The data provides evidence that there was a downward price trend in January 2006 compared to the same period last year.
So what does the above data tell us? It tells us that the number of homes sold is quite low as only 23 single-family homes sold from January through July 2006. Therefore, applying statistical measures to such limited data is of limited value. Nonetheless, some observations can be made. The months of February, March and May demonstrated increases in median and average prices ranging in magnitude from 1% up to 23% depending on the month. In contrast, the months of January, April, June and July demonstrated reeducations in median and average prices ranging in magnitude from 1% to 10% depending on the month.
Despite well-published reports suggesting a county-wide real estate market that favors buyers, the data above provides a mixed picture for this time period. For the affluent area of Sorrento Valley, prices are up some months from the previous year, and down other months. This limited data suggests that the market is not consistently favoring buyers or sellers in terms of single-family home prices.
Be sure to consult an experienced real estate agent before making any decisions to buy or sell real estate in Sorrento Valley.