San Diego Real Estate Sales – Double Digit Value Drops
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods that had 20 or more closed single family homes & condominium sales in February 2009 & February 2008. The graph show the median sales prices.
Data compiled by MDA DataQuick & published in the San Diego Union-Tribune. Chart produced by www.brokerforyou.com
One should keep in mind the above chart is just for a one year period (February 2009 vs. February 2008) and San Diego home values topped out around the Summer of 2005!
Lastly, I would note that these figures do not take into account the very prevalent seller concessions (usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
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San Diego California home prices have a great deal further to fall as unemployment starts to affect prices.
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It seems San Diego has gone from boom to bust overnight
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Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
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It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust.
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