There has been a lot of talk about whether or not San Diego’s real estate market is improving. Buyers and sellers alike are keeping a close eye on pricing and sales volume in their area to weed through the speculation and find the answers. The real estate market can be analyzed simply by reporting monthly statistics, including median price, the average days on the market and the total sales volume for each ZIP code. The San Diego Association of REALTORS® (SDAR) analyzes these numbers monthly and uses the local trends to shape predictions for the market as a whole. This month, SDAR pulled statistics for Point Loma, Ocean Beach and Old Town, and the results are telling. While the countywide numbers can still be considered a bit ambiguous, the numbers in these three areas are clearly pointing to positive trending and an improvement in the local real estate market. All three of these communities had a higher median price in March of 2009 than in March of 2008, and in the current economy that pattern is not the norm. These communities are, in fact, those out of only ten ZIP codes that saw an increase. Out of the ten communities with a raise in median price for March, there are only six with a higher year-to-date median price for 2009 than the same period in 2008. Point Loma was one such exceptional ZIP code. It’s safe to say that while the increase in median price is not the trend for the entire county, Point Loma is seeing an exception. The number of sold listings in these three communities was in contradiction to countywide trending. While most San Diego ZIP codes have been experiencing a high number of sold listings, Point Loma, Ocean Beach and Old Town were only in the single digits for the month of March. Point Loma had the most sold listings last month with six homes sold. This was in comparison to only four sold listings in Old Town and Ocean Beach. Throughout the county, the average number of sold listings per ZIP code was 16, with the highest number being 73 listings in Encanto. These communities’ year-to-date sold listings reflect a similar trend, with Point Loma selling only 22 listings and Ocean Beach and Old Town selling 15 and 11, respectively. In comparison, there are areas in the county that have sold as many as 200 properties to date. It is likely that the smaller number of sold listings is a reflection of the higher median prices that are found in these three areas. Also, many sales occurring now are for first-time home buyers, while Point Loma, Ocean Beach and Old Town are traditionally more “move up” neighborhoods. Point Loma currently has the 7th-highest median price in the county. With a year-to-date median price of $778,500, Point Loma’s median is higher than the median price of 91 other communities and is more than double the countywide median, which is $325,000. Ocean Beach and Old Town’s year-to-date median numbers decreased 21.4 percent and 10.3 percent, respectively, but their median prices for March remain competitive and still considerably higher than the countywide number. Ocean Beach’s median price in March landed at $640,000 and Old Town’s at $515,000. Overall, when you evaluate the real estate market in these three communities, the outcome looks promising. It appears that higher-priced homes are still selling at a competitive rate. Median price is trending upward from the previous month, further emphasizing that now is a perfect time to buy. If you are looking to sell or buy in these communities, make sure you have knowledgeable experts on your side. You’ll want to work with a lender who can help you with your loan program options, and a REALTOR® who has access to the best resources and can make the most out of your transaction in today’s market. — Erik Weichelt is the 2009 president of the San Diego Association of REALTORS®. SDAR serves as a resource for information on the local real estate market, providing monthly statistics and analysis to the general public.