The new data is out, the SD area is in free fall. For this North County leaning forum, just look at Poway and Mira Mesa. Next to go should be PQ, West Rancho Bernardo.
Can someone confirm what I heard on news radio, that the DataQuick stats for LA county in Feb. show a seven percent increase in existing home prices from a year ago, putting it at an all time high? This seems ridiculous. I couldn’t believe my ears!
It’s true. 7.8% to be exact. But why are you confused? OF COURSE prices rose in LA. HELLO!!! IT’S LA!!! Not some loser town like San Diego. Everyone wants to live in LA. There are lots of movie stars who will pay any price to live there, so how could prices possible fall? Prices there will never go down. They will go up and up forever!
Dont take to much stock in the median price. Remember credits and other items made from sellers to buyers are not accounted for in the median price entered at the close of the sale.
Also as the number of sales decrease, the median price can be skewed out more by solitary large sales. The actual number of sales is a much more telling stat. So even though the median increased, I think we would all agree that this is not indicative of a healthy market.
I have a good friend with a nice property 3 blocks from the beach in Redondo. He’s been on the market for 4 months and has already reduced his expectatons over $100K. He’s ready to pull it off the market and keep it as a rental.
Median doesn’t mean Squat ! I would like to see Price per Sq Ft…. Plus as said before, # of sales ( -11.1 % yoy ) is much more important. I see property every week here on the Westside of LA and only idiots are buying the trash that is for sale now. Mostly vacant homes from speculators that are trying to unload. Even nice property is sitting because buyers are waiting for the market to drop. Guess there are always suckers who believe the realtor hype even when we are in one of the worst RE markets ever. If you would like proof of price declines look at this website
The market in SD is the canary that everyone is watching. We were the poster child for irrational exuberance and we will also lead the way for the correction.
The markets in L.A. and the O.C. were behind S.D. entering into the increases and they are now lagging on the decline. They’re all still connected, so the question really isn’t “if”, but “when”.
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