This discussion made me wonder, what IS the real median multiple in San Diego? And it’s not an easy question to answer, because, between apartment complexes, student housing, and military housing, a lot of low-end inventory is essentially out of the regular real estate market, and any attempts to look at MLS at the face value will inevitably result in skewed results.

But I made some educated guesses, cooked up a model, pulled in some census data, and voila, the true state of San Diego RE, as of January 2011:

[img_assist|nid=14433|title=|desc=|link=node|align=left|width=100|height=52]

and now just detached:

[img_assist|nid=14434|title=|desc=|link=node|align=left|width=100|height=53]

In this model, the true median home price is $270,000, and the true median multiple is 4.5.