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Otay Mesa is a community situated in the southern region of San Diego County within the state of California. There are approximately 73,262 residents in this Zip code (92154) and 17,353 households. The median age of residents is 31.51 years. TEMPERATURE The temperature in Otay Mesa is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72F. The coldest time of year occurs in December and January with average temperatures falling to 57F. HOME AND REAL ESTATE PRICES The housing options in Otay Mesa include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows: One bedroom townhouse/condominium start in the mid $200,000s. Two bedroom townhouse/condominium start in the high $200,000s. Three bedroom townhouse/condominium start in the low $300,000s. Two bedroom single-family homes start in the high $300,000s. Three bedroom single-family homes start in the low $400,000s. Four bedroom single-family homes start in the mid $400,000s. REAL ESTATE MARKET TRENDS As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether its a buyers market or a sellers market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005). The median price of single-family homes dropped from $515,000 in June 2005 to $480,000 in June 2006, which represents a 6.8% decline. Fewer homes sold in June 2006 (31 homes) than in June 2005 (37 homes). The average time to sell a home increased from 43 days in June 2005 to 54 days in June 2006. The median price of condominiums and townhomes jumped from $365,000 in June 2005 to $378,000 in June 2006, which represents a 3.6% increase. Fewer units sold in June 2006 (7 units) than in June 2005 (17 units). The average time to sell a unit increased from 43 days in June 2005 to 67 days in June 2006. Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends. |
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