North Park Sees Jump in Home Values

SAN DIEGO - Aug. 15, 2013 - PRLog --  

Contact: Chris Spade

Keller Williams Realty

619-818-2992

chrisspade@yahoo.com

CA BRE #01785713

 

HOME PRICES JUMP IN NORTH PARK 92104

 

August 15, 2013 (San Diego, CA)  North Park, the 13th hippest neighborhood in the nation according to Forbes Magazine sees huge jump in home prices.

 

Home prices in North Park jump 16.2%  year over year.  The median price for a home in July 2012 was $326,603, according to Keller Williams REALTOR Chris Spade.  That price jumped last month to $379,500.

 

In July 2012 the average price per square foot in 92104 was $354.  That’s jumped to $411 a 16.1%increase.  

 

“Prices are going up, that’s for sure,” says Chris Spade.  “Right now there are more buyers in the market than there is inventory which is causing the spike.”  It’s not clear how fast the market will trend up.  Only that interest rates are now, for now but have been ticking upward in recent weeks.

 

Most of the units sold so far this year are in the $300,000-$399,000 range.  To date, 12 units have sold in that range with an average market time of 30 days.  Currently that’s 27.9% of the market in 92103.  

 

A person wishing to purchase a home for $350,000 putting 20% down will have a breakdown of the mortgage as follows.  A borrow will have  a loan in the amount of $280,000.  They will, at the close, have to bring in $70,000.  Payments will break down as follows: Principal and Interest $1257.32, Taxes $364.58, Insurance $87.50 for a total payment of $1709.40.  If the borrower is purchasing a condominium then Home Owner’s Fees apply. For loan information, please refer to the link here.   http://www.movementmortgage.com/loan-officers/frank-thomas/

About Chris:  Chris has been practicing real estate full time since March of 2007.  Chris is currently ranked number 6 out of 242 agents @ Keller Williams San Diego Metro.  Chris sits on the ALC or Agent Leadership Council an invitation extended to agents in the top 20% of Keller Williams.  Chris also trains and mentors new agents in various lead generation techniques to include internet lead generation and working by referral.