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La Mesa California Real Estate - La Mesa, California Real Estate Overview

price market median sales

La Mesa, CA is a city located west of San Diego in Southern California. Like many other cities located in Southern California, the La Mesa, California real estate market has gone through a rocky road for about the past decade. From late 2003 until the middle of 2006, the median sales price in the La Mesa, California real estate market increased from around $400,000 up to around $500,000. This price point did not appear to be sustainable as the median household income at that time was only about $55,000.

As expected, once the housing bubble burst, the median sales price for a home in La Mesa fell off considerably. The median sales price in the La Mesa, California real estate market fell to around $325,000 by early 2008. The housing prices in La Mesa appear to have stabilized since there has been little change since then.

While the housing prices in the La Mesa, California real estate market have fallen off tremendously, the rate of foreclosure in the La Mesa, California real estate market is actually much better than other cities located in Southern California. In February of 2010, 1 in every 309 homes received a notice of default. While this rate is high compared to historical average, it is favorable compared to surround cities that had rates of default of 1 in 100 or worse.

The rate of default in La Mesa is much worse in the city’s northern most zip code. In zip code 91942, the rate of default is about 1 in every 240 households. The foreclosures appear to have already had their impact on the city-wide housing prices. The median listing price for a foreclosed home in the La Mesa, California real estate market is around $322,000, which is just less the city’s median sales price.

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