Chula Vista Home Prices in 91911 Show Big Drop in Early 08

By
Real Estate Agent with The Lewis Team at Keller Williams Cal BRE #01352522

Chula Vista Home Prices in 91911 Show Big Drop in Early 08

There was an $89,000 drop in median home prices in Chula Vista 91911 from the 2007 median home price to the median home price in the first quarter of 2008. The 2007 median Chula Vista 91911 home price was $450,000 Chula Vista Homes in 91911and now the stats from SANDICOR show that from the 67 homes that have closed escrow in the first 3 months of 2008 the median home price was $361,000. That's a very big drop in a very short period of time and should have Chula Vista homeowners concerned about the homes value. Homeowners in Chula Vista that have no need to sell their home in the near future should know that house values historically rise over time but homeowners needing to sell now or in the near future could be selling their home at a price less than what they would like and maybe even less than what they paid for it.

If this trend continues I think the 2nd quarter statistics for Chula Vista Median Home Prices could be stomach turning. Currently in late April 2008 there are 77 homes in escrow and 258 homes on the market for sale. Out of the 77 homes in escrow the lowest priced home is $175,000 and is a 3 bedroom 2 bath home on Helix Avenue. The highest priced home in escrow is on Palm Avenue and has a price of $600,000 and has 2 bedrooms and 1 bath, this listing appears to have the value in the land. Many of the homes in Chula Vista are foreclosures or "bank owned homes" and may are short sales. The mass inventory and need for banks to sell off their inventory is making the prices drop like Apple stock in 2001. If you're thinking about buying or selling in Chula Vista make sure you call us to find out important information on the Chula Vista Market.

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If you're interested in Chula Vista Real Estate and South Bay San Diego Real Estate make sure you contact Dawn Sells San Diego.

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All information is believed to be correct but not guaranteed.

Posted in Chula Vista, South Bay, San Diego Real Estate, Blogroll

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Mike and Dawn Lewis

The Lewis Team at Keller Williams in San Diego CA
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