Imperial Beach Real Estate Prices Fall Again in 2008

Imperial Beach 91932 in South Bay San Diego had another drop in real estate prices in January 2008.

The home prices dropped 6.8% from January 2007 to January 2008. The peak year of 2005 had a median home price of $515,000. Compared to the January 2008 median home price of $405,000 there is a median home price drop of $110,000 from the 2005 level. The median home price in 2007 for Imperial Beach was $451,000. The trend is continuing down and should continue do to foreclosures and short sales in the area.

There were 7 homes that closed escrow in January 2008. Currently in late March there are 59 homes for sale in Imperial Beach with a median list price of $558,773. There are 11 home in escrow with a median list price of $357,636 and will set the new bottom of the market for Imperial Beach when and if they close escrow. So far in 2008 15 homes have closed escrow with a median sold price of $515,060. One of the 15 homes sold was close to 2 million dollars on Seacoast Drive. If this home is taken out of the stats the median sold home price is $415,350.

There were 3 condos sold in Imperial Beach in January 2008 with a median price of $228,000. This number is down by 32.4% from January 2007. There were 3 new properties, “homes and condos” that sold in January 2008 with a median home price of $307,500 which is up 9.8% from the January 2007 number.

When you’re ready to buy or sell a home or condo in Imperial Beach give Dawn a call.