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Current prices for homes on the marketTrends in pricing
Current levels of supply and demandValue metrics
market updateMcMillin Realty's
CHULA VISTA
Sunday March 7, 2010Report for the week of
Powered by Altos Research LLC Copyright 2005-2009. All Rights Reserved
McMillin Realtywww.mcmillinrealty.com - [email protected]
Presented by Your Real Estate Expert866-694-6491
www.altosresearch.com
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
The median single family home pricein CHULA VISTA this week is$379,950. The 702 homes have been onthe market for an average of 148 days.
THIS WEEK
Most Expensive ListingLeast Expensive Listing
Median List PriceAverage List Price
Real-Time Market Profile Trend
Total Inventory
$ 379,950$ 418,333
$ 3,599,900$ 100,000
702148Average Days on Market
Asking Price per Square Foot $ 180
61Absorbed This Week*Percent of Properties with Price Decrease 18 %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
2,102
4.02.510
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.
Inventory and days-on-market areclimbing, while the Market Action Indexhas been flat recently. The trends pointto 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 - 0.50acre3,217 5.0 3.5 7 175 17 11$ 549,9001 156
Upper-middle 25% of homes2,430 4.0 2.5 8 175 11 124,501 - 6500
sq ft$ 415,0002 152
Lower-middle 25% of homes1,794 4.0 2.5 10 176 17 174,501 - 6500
sq ft$ 340,0003 135
Least expensive 25% of homes1,413 3.0 2.0 44 176 18 216,501 - 8,000
sq ft$ 267,0004 152
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
PRICEThe market seems to have pausedaround this plateau. The Market ActionIndex is a good leading indicator for thedurability of this trend.
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 has shown some evidence ofslowing recently. Both prices andinventory levels are relativelyunchanged in recent weeks. Watch theMarket Action Index for changes as itcan be a leading indicator for pricechanges.
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 Buyers 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 148 days. Halfof the listings have come newly on themarket in the past 84 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
$ 399,900$ 418,411
$ 919,900$ 250,000
124143Average Days on Market
Asking Price per Square Foot $ 170
10Absorbed This Week
The median single family home pricein CHULA VISTA 91915 this week is$399,900.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
2,343
4.02.5
6Altos Research Value Statistics
4,501 - 6500 sq ft
Market Action Index 25Cool. Buyer's Market
Inventory and days-on-market areclimbing, while the Market Action Indexhas been flat recently. The trends pointto a weakening market.
PRICEWe continue to see prices in this zipcode bouncing around this plateau.Look for a persistent up-shift in theMarket Action Index before we seeprices move from these levels.
7McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes3,398 5.0 3.5 7 31 3 48,001 - 10,000
sq ft$ 550,0001 122
Upper-middle 25% of homes2,648 4.0 3.0 6 31 1 24,501 - 6500
sq ft$ 435,0002 183
Lower-middle 25% of homes2,159 4.0 2.5 6 31 5 34,501 - 6500
sq ft$ 375,0003 129
Least expensive 25% of homes1,651 3.0 2.5 8 31 3 1Less than
4,500 sq ft$ 300,0004 139
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 with124 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 143 days. Half of thelistings have come newly on the marketin the past 91 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$ 554,779
$ 3,599,900$ 225,000
89175Average Days on Market
Asking Price per Square Foot $ 172
9Absorbed This Week
The median single family home pricein CHULA VISTA 91914 this week is$479,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
3,062
4.43.5
6Altos Research Value Statistics
8,001 - 10,000 sq ft
Market Action Index 24Cool. Buyer's Market
Demand measured by the MarketAction Index is increasing and days-on-market is holding steady. With moreproperties coming available, conditionsare mildly positive.
PRICEWe continue to see prices in this zipcode bouncing around this plateau.Look for a persistent up-shift in theMarket Action Index before we seeprices move from these levels.
11McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices across the quartiles of this zipcode not tightly correlated recently.Prices in Quartile 1 and 4 have beenmixed recently, while the rest of themarket is trending downward. Look to astrong, persistent up shift in the MarketAction Index as a leading indicator ofthe trough in the market.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre4,262 5.0 4.5 4 22 2 1$ 659,5001 149
Upper-middle 25% of homes3,504 5.0 3.5 5 22 2 38,001 - 10,000
sq ft$ 551,5002 153
Lower-middle 25% of homes2,558 4.0 3.0 6 22 2 24,501 - 6500
sq ft$ 449,5003 187
Least expensive 25% of homes2,128 4.0 2.5 7 23 3 34,501 - 6500
sq ft$ 370,8764 210
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
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 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.
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 175 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.
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
$ 384,950$ 395,503
$ 875,000$ 191,000
218135Average Days on Market
Asking Price per Square Foot $ 173
14Absorbed This Week
The median single family home pricein CHULA VISTA 91913 this week is$384,950.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
2,174
4.02.5
7Altos Research Value Statistics
4,501 - 6500 sq ft
Market Action Index 24Cool. Buyer's Market
The Market Action Index has beentrending down lately, while inventory isclimbing. These trends imply aweakening market.
PRICEWe continue to see prices in this zipcode hovering around these currentlevels, even though they bumped up abit this week. Look for a persistent up-shift in the Market Action Index beforewe see prices move significantly fromhere.
15McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes3,150 5.0 3.2 7 54 5 16,501 - 8,000
sq ft$ 489,4951 159
Upper-middle 25% of homes2,502 4.0 3.0 7 54 3 44,501 - 6500
sq ft$ 412,5002 96
Lower-middle 25% of homes1,952 4.0 2.5 8 55 3 74,501 - 6500
sq ft$ 360,0003 134
Least expensive 25% of homes1,559 3.0 2.5 8 55 1 2Less than
4,500 sq ft$ 309,9004 150
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 with218 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 135 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
$ 290,000$ 306,163
$ 1,390,000$ 100,000
128164Average Days on Market
Asking Price per Square Foot $ 184
13Absorbed This Week
The median single family home pricein CHULA VISTA 91911 this week is$290,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
1,622
3.62.046
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index 29Cool. Buyer's Market
Even though the days-on-market istrending higher, so is the Market ActionIndex at these inventory levels,providing a neutral outlook for themarket.
PRICEThe market for this zip code continuesits bounce again this week. We're along way from the market's high pointso watch the Market Action Index topredict how long this trend will last.
19McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have settled at aprice plateau across the board. Prices inall four quartiles are basically mixed.Look for a persistent shift (up or down)in the Market Action Index before pricesmove from these current levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes2,156 4.0 2.5 21 32 4 28,001 - 10,000
sq ft$ 385,5001 128
Upper-middle 25% of homes1,635 3.5 2.0 45 32 4 26,501 - 8,000
sq ft$ 307,0002 214
Lower-middle 25% of homes1,465 3.0 2.0 44 32 5 36,501 - 8,000
sq ft$ 264,5003 119
Least expensive 25% of homes1,050 3.0 1.5 50 32 4 68,001 - 10,000
sq ft$ 215,7754 193
In a market where prices are risingfairly consistently, price per square footis essentially flat. This often impliesthat new homes coming on the marketare pricier, and also larger than olderhomes. As a result the value one canbuy stays the same.
PRICE AND VALUE
20McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been steady around theselevels in recent weeks with 128properties currently available.
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 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.
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
$ 360,000$ 468,553
$ 2,999,500$ 185,000
143144Average Days on Market
Asking Price per Square Foot $ 208
15Absorbed This Week
The median single family home pricein CHULA VISTA 91910 this week is$360,000.
THIS WEEK
Median Number of BedroomsMedian Number of Bathrooms
Median House Size (sq ft)Median Lot Size
Median Age
1,784
3.82.526
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index 24Cool. Buyer's Market
Inventory and days-on-market areclimbing, while the Market Action Indexhas been flat recently. The trends pointto a weakening market.
PRICEThe market for this zip code continuesits bounce again this week. We're along way from the market's high pointso watch the Market Action Index topredict how long this trend will last.
23McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
PRICE PER QUARTILEIn the quartile market segments, we seeprices in this zip code have generallysettled at a plateau, although Quartile 1has been trending a bit downward inrecent weeks. We'll need to see apersistent shift in the Market ActionIndex before we see prices across theboard move from these levels.
QUARTILESCharacteristics per Quartile
Bed BathMed. SqftMed.Age Inven. New
Ab-sorbedMed. Lot SizeMedian PriceQuart
Avg.DoM
Most expensive 25% of homes0.25 - 0.50acre2,991 5.0 3.0 14 35 3 1$ 649,9501 193
Upper-middle 25% of homes2,086 4.0 2.5 24 36 5 14,501 - 6500
sq ft$ 399,9502 164
Lower-middle 25% of homes1,626 3.0 2.5 25 36 2 76,501 - 8,000
sq ft$ 329,5003 115
Least expensive 25% of homes1,138 3.0 1.2 60 36 3 66,501 - 8,000
sq ft$ 249,9504 104
In a market where prices are risingfairly consistently, price per square footis essentially flat. This often impliesthat new homes coming on the marketare pricier, and also larger than olderhomes. As a result the value one canbuy stays the same.
PRICE AND VALUE
24McMillin Realty's Market Update for CHULA VISTA
McMillin Realty | www.mcmillinrealty.com | 866-694-6491
INVENTORYInventory has been climbing lately with143 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 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.
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 143 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.
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