Until just this past week, Mission Hills has been one of the deadest “higher-end” areas in SD County in the $1 mil-plus market. There has been a recent flurry of closings in the $1 mil-plus range but overall it has been very slow year. We will certainly know much more once we get through the summer. I’m estimating about 70 $1 mil-plus listings in the area currently, so there is alot of inventory for this area. I haven’t looked hard at the numbers recently but I’m estimating that is 2-3 years of inventory in the $1 mil-plus market. I’m expecting further downward pressure on prices for several years in MH.
