The La Mesa real estate market

October 5, 2010 by
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The La Mesa real estate market, found in the larger San Diego County housing market, faced a weakening but static situation in the month of August. According to a September 13, 2010 report from the San Diego Union Tribune, “After a particularly slow July, San Diego County home sales and prices were essentially flat in August even as interest rates hovered at historic lows, says a report by MDA DataQuick. The median home price for all properties — resale and new homes along with condos and townhomes — inched downward in August to $337,000, a 0.3 percent decrease from July’s median price of $338,000. On an annual basis, the median price rose by 3.7 percent. Also, the number of properties sold in August increased to 3,113, up about 1.4 percent from July but down 5.8 percent from August 2009. The housing market’s sideways performance will probably continue for the rest of the year, said Mark Goldman, a real estate professor at San Diego State University. He said inventory is up, sales are slowing down and days on the market — a key metric in assessing housing sector’s strength — are increasing. “We are expecting this softness to continue,” Goldman said. “The market is essentially reaching a new equilibrium….”

This general uncertainty for La Mesa homes for sale was mirrored by the property tax valuations for San Diego County, according to a September 21, 2010 piece from the North County Times. This article stated that “For the second year in a row, San Diego County property tax revenue will decline, officials in the Treasurer-Tax Collector’s office said Tuesday. Total revenue in the 2010-2011 tax year, which began July 1, will be $4.5 billion, off by $48 million, or about 1 percent, from last year’s collections, the Tax Collector’s office said in a prepared statement. In 2009-2010, revenue was down $50 million. “We’re naturally expecting to see that decline three or four years in a row, and then we’ll climb out of it,” said Dan McAllister, the county Treasurer-Tax Collector. “All we can do is hope.” The news contrasts with sales tax collections, which rose this spring in all North County cities except Carlsbad and Poway. The San Diego County Assessor foretold the decline in property taxes when it announced in June that the assessed property tax value in the county fell 1.56 percent because of a drop in the California Consumer Price Index. Under Proposition 13, property taxes rise and fall with the index, though increases are capped at 2 percent.”

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