Sale of detached homes on Peninsula show first-quarter gains The National Association of REALTORS® recently reported that the U.S. median home price was the lowest since February 2002. Although median home prices are not at the levels they once were, there has been an increase in inventory of homes on the market in Point Loma, Ocean Beach and Old Town, and detached properties are selling faster than they did last year. Attached homes did not fare as well, but it’s still a great time for investors to purchase because of historically low home prices and interest rates. Both buyers and sellers are feeling a bit more positive as we move into the second quarter of the year. In the first quarter of this year, detached homes in Point Loma had a median home price of $703,000 with 40 sold listings that took an average of 85 days to sell. In comparison to the first quarter of 2010, there were 34 sold listings that were on the market for more than 100 days with a median home price of $759,250. Median home prices for detached homes in Ocean Beach averaged about $660,000 in the first quarter of 2011, down from $790,000 in 2010. Looking at it from a monthly perspective, the prices climbed in March to over $880,000, just slightly more than this time last year when the median price was $873,207. The number of homes sold increased to 22, up from 19 this time last year and spent seven less days on the market before selling. Detached homes in Old Town this quarter are spending about 27 more days on the market and this neighborhood saw an increase in homes sold to 17, up from 10 in 2010. The median price has dropped from $624,730 in 2010 to $525,000 for the first quarter of this year. However, if you look at the median price in March in comparison to March of last year, you can see that the median price for Old Town has increased $130,000 and two more homes sold in March of this year as compared to March last year. At this time last year, buyers were racing to take advantage of the first time buyer tax credit so comparisons of the first quarter of 2011 to the first quarter of 2010 must take that into consideration. It is quite encouraging to see that prices were only slightly down this year. Considering how heavily houses were being marketed due to the tax credit, we can equate the markets to be similar if not better this year than last. With the arrival of the spring months, we’re remaining positive that with the warmer weather will come an improved housing market. As you consider purchasing a home, take the time to evaluate your finances and real estate strategy and be sure to consult a knowledgeable REALTOR® for advice and guidance. To learn more about the benefits of choosing a REALTOR®, visit www.realtor.com and click “When Is a Real Estate Agent a REALTOR®” under “About the NAR”. — Bob Kevane is president of the San Diego Association of REALTORS®.