“You are an appraiser – what are you seeing? Have you seen homes in Del Mar fall 30%, or do you think the 30% drop is due to fewer high end homes selling?”
I’m going to chime in on this: the areas that show wild swings (30% or so) are mostly areas with just a handful of sales (Rancho Santa Fe, Del Mar). When the sample is small, the median bounces all over the place. Based on same home sales, net of incentives, I’d say that we’re 5-10% off the peak in most areas. Steve and others, feel free to correct me if I’m wrong.
