Some established areas like Del Cerro and San Carlos really haven’t seen much in the way of price declines at all, at least up to this point. (I’m talking about SFRs, not condos – some condos have declined a lot in this area).
You’re right, there isn’t that much inventory, and the reason they have declined less than some other areas is that there isn’t any new housing that has been dumped onto the market in the last several years – this area is all built out. That’s not to say that prices there won’t decline in 2007 – it will probably happen, I’m just not sure how much.
