sdcellar – I do agree that a decline is underway, and is going to continue for at least the next year, and probably longer, it’s just that I do not see the majority of homes as having already lost 10/15/20% in value that some have claimed recently on this forum.
What I am seeing is that there are large variations in price changes over the last year, depending on neighborhood and price range. There are a lot of homes, and a lot of areas, that have seen little or no declines at all up to this point. There are other homes and submarkets that have lost 20% in value.
The worst areas I have seen recently are San Elijo Hills and 4S Ranch, where entire areas of homes bought in 2004 or 2005 have lost $100,000 or more in value in the past year, and some condominiums, either conversions, or older condos in areas in which there are a lot of competing conversions. Some of these properties have lost 20% or more in value. But I have also seen condos that have lost no value up to this point.
My point in starting this thread was to show that the average size of home sales has not really changed at all in the past several years, and to also offer my opinion that the drop in median home prices of approximately 5% in the past year mirrors what I am seeing, on average.
sdrealtor – Here is a list of homes that sold in the past several years, and all resold this month for higher prices. Enjoy!!
1646 Tennis Match Encinitas 6-03 499K 12-06 627K
1117 Lemon El Cajon 10-04 310K 12-06 389K
4503 Sierra Morena Carlsbad 7-03 440K 12-06 509K
2876 Vista Acedra Carlsbad 1-04 800K 12-06 905K
9276 Birch Spring Valley 11-04 475K 12-06 640K
6151 Veemac La Mesa 6-04 398K 12-06 REO 410K
2407 Sweet Sage Chula Vista 3-05 726K 12-06 820K
1586 Piedmont Chula Vista 3-04 455K 12-06 540K
717 Esla Chula Vista 4-04 530K 12-06 595K
2524 Camino Narciso Chula Vista 4-04 720K 12-06 775K
Granted, these homeowners probably made little or no profit after selling costs – I’m just trying to demonstrate that not all homes have already had drastic price drops.
