Price per Square Feet

92883

92882

92881

92880

92879

Here are the November numbers for price per square feet. These figures help establish market price for the average home in each of these zip codes. It also helps determine changes in property changes in values over the past 15 months. It also helps measure depreciation in each of the separate markets.

In almost every market Buyers and Sellers read a story in the newspaper or talk to a friend and get the wrong information because it is not specific to their price range or area of interest.

When I use these charts with clients I like to explain the pricing trends that are relevant to their home buying or selling decision. As I mentioned in yesterdays post when I work with clients I also like to drill it down to price range and square footage. When working with Buyers it insures that they are paying current fair market value when putting in an offer.

I'll use the 92883 zip code to show you how to determine fair market value. The formula is very simple. Just multiply the square footage by the average price per square foot in the last month. In a declining market it is very important to do this with the most current figures.

For example, lets say the home is 1700 square feet. We take 1700 x 185. This puts us at an average price of $314,500. Keep in mind this is an average for this zip code. Other factors you always need to figure in are property condition, location, special amenities and other factors.

As we can see by looking back to November 2006. The average price per square foot was 236. We take the $185 /$235= 78%. We can see that the market in the 92883 zip code on average has decreased by 22% in value the last 12 months.

Tomorrow we'll talk about average price sold by zip code.