I produce or peruse dozens of graphs every week as my Altos Research market reports are updated – and none has been as consistently ugly for existing owners or sellers as this 6-year look at median per-square-foot list prices for homes in Blossom Valley.
Long story short, asking prices are down roughly 40% in both the 95123 and 95136 zip codes, and are showing no sign of hitting bottom.
But beauty is in the eye of the beholder and for homebuyers, the above chart should be a thing of beauty – especially for first-time homebuyers (or those who have been renting for several years) who have $500,000 to $550,000 to spend. That is the Blossom Valley sweet spot for buyers who haven’t felt the pain of seeing their own home equity melt away over the past few years. (more…)