The biggest part of the price run-up in San Diego happened between 2001 and 2004/2005. Prices had already doubled in some areas between 1997/1998 and 2001.
There is plenty of reason to believe prices across the board will reach pre-2001 levels. SFHs in Encinitas near the coast (older ‘hoods) were selling for $200K-ish and are now priced anywhere from $650K to $1MM+.
The better areas have not **yet** seen the big declines. They are coming, IMHO.
