For single family homes, it appears that the peak in the market for San Diego County was reached between April and November of 2005. Thought an interesting topic would be to post percentage declines in overall price or square footage pricing throughout San Diego.
A couple of areas that I am familiar with:
San Diego Country Estates in Ramona-
25% decline from peak pricing in 2005 and still not moving
4S Ranch in Ranch Bernardo-
15% decline from peak pricing in April 2005, not sure how well homes are selling now.
As I’ve said before, we kind of saw a two-tiered situation in the first half of last year, where some sellers were still getting peak prices while others were getting somewhat less (5-15%). That pretty much went away in the second half of last year, when almost all sales were at 10-15% off peak prices.
So far this year, sales (pendings, anyway) seem to be picking up a bit. Prices are still mostly down, although of the sales that have closed, there are one or two properties that have sold for close to peak prices.
A mild spring bounce on a years-long decline, in my opinion.
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