San Diego Home Values Drop Over 30%
MDA DataQuick just reported median price of all homes sold fell nearly 6 percent from October to November, dipping to a 6-1/2 year low to $305,000. Since November 2007, the median price of all homes sold was off more than 30 percent. Plus, the median price was off more than 41 percent from the market peak of $517,000 in November 2005.John Walsh, MDA DataQuick president, said: “Many first-time homebuyers are, understandably, cheering as foreclosures dominate sales, tugging down prices and raising affordability. For home sellers and the industry, though, one concern over foreclosures representing half of all sales is that those transactions simply repay lenders. They don’t trigger a move-up purchase.”
San Diego home sales for November were up 11.4%, but, foreclosures accounted for about half of all resales during the past three months. In November, 54.6 percent of all the homes that resold had been foreclosed on at some point in the prior 12 months. That's up from 50.9 percent in October and 18.8 percent a year ago.
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Whats ups with 7884 Mission Bonita?
Sold in Jan for $440k?
Sold in April for $370k?
Sold in Nov for $441k?
Was this a flip? Sale price seems high for the comps.
Hi Lyle,
I usually just report MLS sales on my blog. You can view the Belaire data at:
http://www.brokerforyou.com/belaire.htm
As I was not involved in this Mission Bonita sale, I cannot say what was going on. The MLS shows it listed on 8-21-08 for $465,000. That listing was withdrawn on 10-2-08.
Also, the MLS shows it listed on 12-27-07 @ $429,900 as a bank owned property, This listing sold on 4-17-08 @ $370,000.
Most recent 3Br. Closed sales at Belaire in the MLS shows:
A. 11-21-08 7837 Mission Bonita @ $393,000
B. 11-21-08 8053 Mission Vista @ $364,000
I current have a 3Br. @ 8028 Mission Vista (premium view loc w/newer roof) listed at $405 to $425,000.
You can view the details at:
http://www.brokerforyou.com/san-carlos-del-cerro-sdsu-townhome.htm