Bay Park real estate in San Diego is sought out for its fantastic ocean and Mission Bay views, as well as for its convenient location. It’s a San Diego neighborhood that has grown increasingly popular. Even so, many San Diego residents couldn’t tell you how to find the neighborhood – it is still a bit of a secret. Situated just east of Mission Bay and the 5 freeway, Bay Park is popular for those with commutes. Both downtown, and destinations further north such as La Jolla or Sorrento Valley are relatively short drives away. Whether you are considering buying or selling a home in Bay Park, read on for some important metrics to provide you with insights into Bay Park real estate market conditions. The stats and graphs included here are updated daily to deliver the most current real estate market information to you.
Bay Park real estate is varied, including a mix of older homes in unimproved condition, as well as highly remodeled and newer construction. There has been a trend toward more improved homes in Bay Park as the neighborhood has become more popular with home buyers. Most of the real estate in Bay Park is single family detached homes, however there are some condos and townhomes as well. Let’s explore Bay Park real estate as we review home pricing, and some of the supply and demand stats that define the market here.
Bay Park Real Estate Home Prices
As you evaluate Bay Park real estate, one key statistic is the value of homes in the area. For buyers, information on average and median home sales prices can clarify affordability of Bay Park real estate vs San Diego home prices in other neighborhoods. Another useful metric, particularly for sellers evaluating what they might be able to sell their home for, is the average price per square foot.
Ideally, sellers will want a detailed comparative market analysis by an experienced Bay Park real estate agent. That analysis should look at the most comparable homes to yours, vs the more general statistics seen here. The average and median home price along with price per square foot information is broken down into two categories: 1) single family detached homes, and, 2) attached homes including townhomes and condos.
Bay Park – Average Home Price
Bay Park – Median Home Price
Bay Park – Average Price Per Square Foot
Bay Park Real Estate – Home Supply
Many Bay Park real estate investments have been proven profitable over the long term. Longtime homeowners in Bay Park have enjoyed significant appreciation in home values over the decades. Despite the favorable track record historically, market conditions have still fluctuated. One key metric of determining the type of market we are currently seeing in Bay Park real estate is the level of supply. Taking a look at both the number of active listings along with the inventory (measured in months) provides insight into the type of market we are experiencing in Bay Park.
The months of inventory charted here is also known as the absorption rate. The data provider for the graphs seen in this article defines this as: “Active Listings at the end of a given month, divided by the average monthly Closed Sales for the last 12 months.” Another way to describe this is if there were suddenly no new listings, the inventory level would describe how many months it would take for existing demand to purchase all the remaining listings.
Some economists will use a six month threshold for evaluating housing supply. Anything shorter than six months of inventory is seen as a seller’s market and anything greater than six months as a buyer’s market. For some context, the last 15 to 20 years has had significant variation in inventory levels. We have seen inventory levels exceed ten months in 2007-2011 during the great recession, and drop to unbelievable lows close to one month in the early part of 2021. With a six month threshold equating to a balanced, healthy mix of buyers and sellers, Bay Park and San Diego in general have spent the majority of recent years in seller’s market territory.
Bay Park – Number of Active Listing
Bay Park – Inventory
Bay Park Real Estate – Market Time and Pending Sales
With tight inventory more common, we tend to see time on market go down when inventory is low. When you combine low inventory with high demand (eg. intense demand from historically low interest rates), some very short market times can result. When higher inventory and/or reduced demand prevail, market times tend to increase. Although more expensive homes tend to increase market times, there are relatively few multi-million dollar properties in Bay Park. As a result, market times have less variation in Bay Park vs a neighborhood like La Jolla which has many properties that exceed several million dollars in value. The Active Market time you see in the graph below is defined as the median number of days between when a property is listed in Bay Park and when an offer is accepted in a given month.
Bay Park – Median Active Market Time
Many real estate stats focus on closed sales. Closed sales are vital from many reasons, especially in terms of determining actual market prices. They are also what appraisers use to assess home values. However, closed sales are a glimpse into the recent past rather than looking toward the future. Pending sales, as shown here, are simply a count of the properties on which contracts have been accepted in a given month. These pending sales can sometimes provide insight into where a market is headed next.
Bay Park Real Estate – Pending Sales
This article on Bay Park is part of a series focusing on statistics and data from specific San Diego neighborhoods. If you would like to review more general market information, please visit my article on the broader San Diego real estate market. I am also happy to provide more insights into your specific San Diego neighborhood’s real estate market upon request.
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