chula vista market update week of feb 28th
DESCRIPTION
Chula Vista market statistics for all zipsTRANSCRIPT
Current prices for homes on the marketTrends in pricing
Current levels of supply and demandValue metrics
market updateMcMillin Realty's
CHULA VISTA
Sunday February 28, 2010Report for the week of
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The median single family home pricein CHULA VISTA this week is$379,000. The 701 homes have been onthe market for an average of 147 days.
THIS WEEK
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 379,000$ 415,511
$ 3,599,900$ 100,000
701147Average Days on Market
Asking Price per Square Foot $ 180
71Absorbed This Week*Percent of Properties with Price Decrease 17 %Percent Relisted (reset DOM) 7 %Percent Flip (price increased) 8 %
City Overview CHULA VISTA
6,501 - 8,000 sq ft
Altos Research Value StatisticsMarket Action Index
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
2,103
4.02.5
9
25Cool. Buyer's MarketAltos Research calculates the Market Action Index which measures available supplyrelative to the current level of demand. Index value above 30 indicates conditions favorthe seller. See the section below for full details.
The Market Action Index has beentrending down lately, while inventoryand days-on-market are climbing. Thetrends imply a weakening market.
To get a tightly targeted understandingof homes in the market, we break eachlocale into quartiles. Each quartile is25% of the homes listed.
QUARTILES
Characteristics per Quartile
Last Month's Trend Last Quarter's Trend
Trend Key
No Clear Monthly/Quarterly Trend
Bed BathMed.Sqft.
Med.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
*Metric "Absorbed this Week" covers properties sold and those taken off the market for other reasons.Since sales sometimes take months to close, it is impossible to discern in real-time exactly which propertiessold.
Most expensive 25% of homes0.25 - 0.50acre3,252 5.0 3.5 7 175 22 12$ 549,0001 166
Upper-middle 25% of homes2,408 4.0 2.5 8 175 16 154,501 - 6500
sq ft$ 410,0002 139
Lower-middle 25% of homes1,793 4.0 2.5 10 175 16 204,501 - 6500
sq ft$ 339,0003 142
Least expensive 25% of homes1,368 3.0 2.0 45 176 29 246,501 - 8,000
sq ft$ 259,9504 145
We'll refer to the quartiles in the trendgraphs below.
2McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICEDespite this week's up tic, the marketseems to have paused around thisplateau. The Market Action Index is agood leading indicator for thedurability of this shift.
QUARTILE PRICES
Prices have settled at a price plateauacross the board. Prices in all fourquartiles are basically mixed. Look for apersistent shift (up or down) in theMarket Action Index before prices movefrom these current levels.
Often, we find insights by watchingpricing trends within the quartilesegments.
3McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
The market plateau is seen across theprice and value. The price per squarefoot and median list price have bothbeen reasonably stagnant. Watch theMarket Action Index for persistentchanges as a leading indicator beforethe market moves from these levels.
PRICE AND VALUE
INVENTORYInventory has been climbing lately.Note that rising inventory alone doesnot signal a weakening market. Look tothe Market Action Index and Days onMarket trends to gauge whether buyerinterest is keeping up with availablesupply.
4McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
The CHULA VISTA market is currentlyin the Buyer's Market zone (below 30),though not strongly so. The 90-dayMarket Action Index stands this week at25 so buyers should expect findreasonable levels of selection.
The Market Action Index has beentrending lower for several weeks whileprices have remained relatively stable.If inventory continues to grow relativeto demand however, it is likely that wewill see downward pressure on pricing.
The Market Action Index (MAI) illustrates the balance between supply and demand using astatistical function of the current rate of sale versus current inventory.
An MAI value greater than 30 typically indicates a “Seller's Market” (a.k.a. "Hot Market")because demand is high enough to quickly gobble up available supply. A hot market willtypically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "ColdMarket") where the inventory of already-listed homes is sufficient to last several months atthe current rate of sales. A cold market will typically cause prices to fall.
MARKET ACTION INDEXResidential house prices are a function of supply and demand, and market conditions can becharacterized by analyzing those factors. Watch this index for sustained changes: if the indexfalls into the Buyer’s Market zone for a long period, prices are likely in for a downwardcorrection.
Not surprisingly given the overallMarket Action Index, all quartiles are inthe Buyer's Market zone with severalmonths of inventory given the currentrate of demand for homes in thequartile. Watch the quartile for changesbefore the overall market shifts. Oftenone end of the market (e.g. the low end)will improve and signal a strengtheningmarket before the whole group changes.
The quartiles can help you answer the question, "How hot is the market for homes in my pricerange?"
MARKET ACTION QUARTILES
5McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKET (DOM)The properties have been on themarket for an average of 147 days. Halfof the listings have come newly on themarket in the past 91 or so days.
DOM PER QUARTILEIt is not uncommon for the higherpriced homes in an area to take longerto sell than those in the lowerquartiles.
6McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
91915Neighborhood DetailCHULA VISTA
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 400,000$ 422,446
$ 919,900$ 239,580
122142Average Days on Market
Asking Price per Square Foot $ 170
14Absorbed This Week
The median single family home pricein CHULA VISTA 91915 this week is$400,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
2,341
4.02.5
6Altos Research Value Statistics
4,501 - 6500 sq ft
Market Action Index 25Cool. Buyer's Market
Inventory and days-on-market areclimbing, while the Market Action Indexhas been flat recently. The trends pointto a weakening market.
PRICEWe continue to see prices in this zipcode bouncing around this plateau.Look for a persistent up-shift in theMarket Action Index before we seeprices move from these levels.
7McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes3,509 5.0 3.8 6 30 3 38,001 - 10,000
sq ft$ 559,9501 132
Upper-middle 25% of homes2,663 4.0 3.0 6 30 2 16,501 - 8,000
sq ft$ 439,9502 172
Lower-middle 25% of homes2,219 4.0 2.5 6 31 2 64,501 - 6500
sq ft$ 389,0003 116
Least expensive 25% of homes1,651 3.0 2.5 8 31 2 4Less than
4,500 sq ft$ 309,0004 147
The market plateau is seen across theprice and value. The price per squarefoot and median list price have bothbeen reasonably stagnant. Watch theMarket Action Index for persistentchanges as a leading indicator beforethe market moves from these levels.
PRICE AND VALUE
8McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with122 properties available this week. Notethat rising inventory alone does notsignal a weakening market. Look to theMarket Action Index to gauge whetherbuyer interest is keeping up withavailable supply.
The CHULA VISTA 91915 market iscurrently in the 'Buyer's Market' zone(below 30), though not strongly so. The90-day Market Action Index stands thisweek at 25 so buyers should expect findreasonable levels of selection.
MARKET ACTION INDEX
MARKET ACTION QUARTILESNot surprisingly, all quartiles are in theBuyer's Market zone with severalmonths of inventory given the currentlevels of demand. Watch the quartilesfor changes before the overall marketshifts.
9McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKETThe properties have been on the marketfor an average of 141 days. Half of thelistings have come newly on the marketin the past 101 or so days. Watch the 90-day DOM trend for signals of a changingmarket.
DAYS ON MARKET
It is not uncommon forthe higher priced homes in an area(Quartiles 1 and 2) to take longer tosell than those in the lower quartiles.
10McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
91914Neighborhood DetailCHULA VISTA
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 479,000$ 552,425
$ 3,599,900$ 225,000
89171Average Days on Market
Asking Price per Square Foot $ 172
5Absorbed This Week
The median single family home pricein CHULA VISTA 91914 this week is$479,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
3,088
4.53.5
6Altos Research Value Statistics
8,001 - 10,000 sq ft
Market Action Index 22Cool. Buyer's Market
Demand measured by the MarketAction Index is increasing and days-on-market is holding steady. With moreproperties coming available, conditionsare mildly positive.
PRICEPrices in this zip code have been on adownward trend recently and thisweek, while essentially flat, doesn'tbreak us out of that cycle.
11McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code generally settledat a plateau, although Quartile 2 hasbeen trending a bit downward in recentweeks. We'll need to see a persistentshift in the Market Action Index beforewe see prices across the board movefrom these levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre4,262 5.0 4.5 4 22 2 2$ 654,5001 179
Upper-middle 25% of homes3,415 5.0 3.5 5 22 1 18,001 - 10,000
sq ft$ 551,5002 163
Lower-middle 25% of homes2,574 4.0 3.0 6 22 3 24,501 - 6500
sq ft$ 450,0003 153
Least expensive 25% of homes2,150 4.0 2.5 7 23 0 04,501 - 6500
sq ft$ 379,0004 190
Despite recently falling prices, the priceper square foot has stayed reasonablyflat. This implies that there's a portionof the market being priced at apremium. You can investigate thiscondition in the quartile details.
PRICE AND VALUE
12McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with89 properties available this week. Notethat rising inventory alone does notsignal a weakening market. Look to theMarket Action Index to gauge whetherbuyer interest is keeping up withavailable supply.
The CHULA VISTA 91914 market iscurrently in the 'Buyer's Market' zone(below 30), though not strongly so. The90-day Market Action Index stands thisweek at 22 so buyers should expect findreasonable levels of selection.
MARKET ACTION INDEX
MARKET ACTION QUARTILESNot surprisingly, all quartiles are in theBuyer's Market zone with severalmonths of inventory given the currentlevels of demand. Watch the quartilesfor changes before the overall marketshifts.
13McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKETThe properties have been on the marketfor an average of 171 days. Half of thelistings have come newly on the marketin the past 112 or so days. Watch the 90-day DOM trend for signals of a changingmarket.
DAYS ON MARKET
It is not uncommon forthe higher priced homes in an area(Quartiles 1 and 2) to take longer tosell than those in the lower quartiles.
14McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
91913Neighborhood DetailCHULA VISTA
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 380,000$ 391,979
$ 875,000$ 191,000
220138Average Days on Market
Asking Price per Square Foot $ 172
16Absorbed This Week
The median single family home pricein CHULA VISTA 91913 this week is$380,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
2,164
4.02.5
7Altos Research Value Statistics
4,501 - 6500 sq ft
Market Action Index 24Cool. Buyer's Market
The Market Action Index has beentrending down lately, while inventory isclimbing. These trends imply aweakening market.
PRICEWe continue to see prices in this zipcode bouncing around this plateau.Look for a persistent up-shift in theMarket Action Index before we seeprices move from these levels.
15McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes3,150 5.0 3.0 7 55 4 56,501 - 8,000
sq ft$ 480,0001 148
Upper-middle 25% of homes2,464 4.0 3.0 7 55 8 24,501 - 6500
sq ft$ 405,0002 109
Lower-middle 25% of homes1,930 4.0 2.5 8 55 6 74,501 - 6500
sq ft$ 350,0003 142
Least expensive 25% of homes1,559 3.0 2.5 8 55 3 2Less than
4,500 sq ft$ 300,0004 152
The market plateau is seen across theprice and value. The price per squarefoot and median list price have bothbeen reasonably stagnant. Watch theMarket Action Index for persistentchanges as a leading indicator beforethe market moves from these levels.
PRICE AND VALUE
16McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with220 properties available this week. Notethat rising inventory alone does notsignal a weakening market. Look to theMarket Action Index to gauge whetherbuyer interest is keeping up withavailable supply.
The CHULA VISTA 91913 market iscurrently in the 'Buyer's Market' zone(below 30), though not strongly so. The90-day Market Action Index stands thisweek at 24 so buyers should expect findreasonable levels of selection.
MARKET ACTION INDEX
MARKET ACTION QUARTILESNot surprisingly, all quartiles are in theBuyer's Market zone with severalmonths of inventory given the currentlevels of demand. Watch the quartilesfor changes before the overall marketshifts.
17McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKETThe properties have been on the marketfor an average of 137 days. Half of thelistings have come newly on the marketin the past 84 or so days. Watch the 90-day DOM trend for signals of a changingmarket.
DAYS ON MARKET
It is not uncommon forthe higher priced homes in an area(Quartiles 1 and 2) to take longer tosell than those in the lower quartiles.
18McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
91911Neighborhood DetailCHULA VISTA
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 285,000$ 301,744
$ 1,390,000$ 100,000
125163Average Days on Market
Asking Price per Square Foot $ 183
21Absorbed This Week
The median single family home pricein CHULA VISTA 91911 this week is$285,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
1,627
3.72.046
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index 29Cool. Buyer's Market
Days-on-market has been trending uprecently but the Market Action Indexand inventory levels are basically flatand not providing strong indications forthe market.
PRICERecently prices in this zip have settledat a plateau even though they dippedthis week. Look for a persistent up-shiftin the Market Action Index before wesee prices significantly move from theselevels.
19McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes2,161 4.0 2.5 31 31 4 48,001 - 10,000
sq ft$ 385,0001 122
Upper-middle 25% of homes1,630 3.0 2.0 46 31 3 96,501 - 8,000
sq ft$ 305,0002 223
Lower-middle 25% of homes1,582 3.0 2.0 49 31 5 48,001 - 10,000
sq ft$ 250,0003 156
Least expensive 25% of homes1,050 3.0 1.5 50 32 7 46,501 - 8,000
sq ft$ 206,2504 153
The market plateau is seen across theprice and value. The price per squarefoot and median list price have bothbeen reasonably stagnant. Watch theMarket Action Index for persistentchanges as a leading indicator beforethe market moves from these levels.
PRICE AND VALUE
20McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with125 properties available this week. Notethat rising inventory alone does notsignal a weakening market. Look to theMarket Action Index to gauge whetherbuyer interest is keeping up withavailable supply.
The CHULA VISTA 91911 market iscurrently in the 'Buyer's Market' zone(below 30), though not strongly so. The90-day Market Action Index stands thisweek at 29 so buyers should expect findreasonable levels of selection.
MARKET ACTION INDEX
MARKET ACTION QUARTILESThe middle of this zip code (Quartiles 2and 3) are in the Buyer's Market zonewith several months of inventory giventhe current levels of demand. Noticethat Quartiles 2 and 3 (the middle of themarket) are showing weaker demandthan either end.
21McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKETThe properties have been on the marketfor an average of 163 days. Half of thelistings have come newly on the marketin the past 105 or so days. Watch the 90-day DOM trend for signals of a changingmarket.
DAYS ON MARKET
It is not uncommon forthe higher priced homes in an area(Quartiles 1 and 2) to take longer tosell than those in the lower quartiles.
22McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
91910Neighborhood DetailCHULA VISTA
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 349,900$ 459,417
$ 2,999,500$ 185,000
145140Average Days on Market
Asking Price per Square Foot $ 210
15Absorbed This Week
The median single family home pricein CHULA VISTA 91910 this week is$349,900.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
1,786
3.82.526
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index 23Cool. Buyer's Market
The Market Action Index has beentrending down lately, while inventoryand days-on-market are climbing. Thetrends imply a weakening market.
PRICEPrices in this zip code have been on adownward trend recently and thisweek, while essentially flat, doesn'tbreak us out of that cycle.
23McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have generallysettled at a plateau, although Quartile 1has been trending a bit downward inrecent weeks. We'll need to see apersistent shift in the Market ActionIndex before we see prices across theboard move from these levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre2,937 4.5 3.0 14 36 11 2$ 639,9751 199
Upper-middle 25% of homes2,086 4.0 2.5 20 36 1 44,501 - 6500
sq ft$ 385,0002 151
Lower-middle 25% of homes1,574 3.0 2.0 33 36 6 56,501 - 8,000
sq ft$ 320,0003 134
Least expensive 25% of homes1,108 3.0 1.0 61 37 10 46,501 - 8,000
sq ft$ 249,0004 77
Despite recently falling prices, the priceper square foot has stayed reasonablyflat. This implies that there's a portionof the market being priced at apremium. You can investigate thiscondition in the quartile details.
PRICE AND VALUE
24McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with145 properties available this week. Notethat rising inventory alone does notsignal a weakening market. Look to theMarket Action Index to gauge whetherbuyer interest is keeping up withavailable supply.
The CHULA VISTA 91910 market iscurrently in the 'Buyer's Market' zone(below 30), though not strongly so. The90-day Market Action Index stands thisweek at 23 so buyers should expect findreasonable levels of selection.
MARKET ACTION INDEX
MARKET ACTION QUARTILESNot surprisingly, all quartiles are in theBuyer's Market zone with severalmonths of inventory given the currentlevels of demand. Watch the quartilesfor changes before the overall marketshifts.
25McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
DAYS ON MARKETThe properties have been on the marketfor an average of 139 days. Half of thelistings have come newly on the marketin the past 77 or so days. Watch the 90-day DOM trend for signals of a changingmarket.
DAYS ON MARKET
It is not uncommon forthe higher priced homes in an area(Quartiles 1 and 2) to take longer tosell than those in the lower quartiles.
About Altos Research CorporationAltos Research Corp. reports real-time analysis of the residential real estate market in local markets acrossthe country. All information contained herein is based on properties currently listed for sale and availablepublicly. When evaluating a particular property, make sure you use comparable sales data in addition tothe market trend information available in this report. The data presented in this report is accurate to thebest of our knowledge, but cannot be guaranteed as such. Use this report as one input in the real estatedecision making process, but do not rely on it for accuracy. Nothing in this report or any other AltosResearch publication is a recommendation to buy or to sell real estate. We recommend you work with alicensed real estate agent or broker.
Altos Research LLC Copyright 2005-2009. All Rights Reserved www.altosresearch.com
26McMillin Realty's Market Update for CHULA VISTA