Chula Vista Market Update week of Feb 28th

McMillin Realty's market update CHULA VISTA

Current prices for homes on the market Trends in pricing Current levels of supply and demand Value metrics

Report for the week of Sunday February 28, 2010

Presented by Your Real Estate Expert 866-694-6491 McMillin Realty www.mcmillinrealty.com - clientcare@mcmillinrealty.com

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City Overview

CHULA VISTA Trend

Real-Time Market Profile

THIS WEEK

The median single family home price

Median List Price $ 379,000 Average List Price $ 415,511 Least Expensive Listing $ 100,000 Most Expensive Listing $ 3,599,900 Asking Price per Square Foot $ 180 Average Days on Market 147 Total Inventory 701 Absorbed This Week* 71 Percent of Properties with Price Decrease 17 % Percent Relisted (reset DOM) 7% Percent Flip (price increased) 8% Median House Size (sq ft) 2,103 Median Lot Size 6,501 - 8,000 sq ft Median Number of Bedrooms 4.0 Median Number of Bathrooms 2.5 Median Age 9 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 25

in CHULA VISTA this week is $379,000. The 701 homes have been on the market for an average of 147 days.

The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.

Altos Research calculates the Market Action Index which measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

QUARTILES

Trend Key Last Month's Trend

Last Quarter's Trend

No Clear Monthly/Quarterly Trend

*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 properties sold.

To get a tightly targeted understanding of homes in the market, we break each locale into quartiles. Each quartile is 25% of the homes listed.

Characteristics per Quartile Med. Sqft. Med. Lot Size

Bed

Bath

Med. Age

Inven.

3,252

0.25 - 0.50 acre

5.0

3.5

7

175

22

12 166 Most expensive 25% of homes

$ 410,000

2,408

4,501 - 6500 sq ft

4.0

2.5

8

175

16

15 139 Upper-middle 25% of homes

3

$ 339,000

1,793

4,501 - 6500 sq ft

4.0

2.5

10

175

16

20 142 Lower-middle 25% of homes

4

$ 259,950

1,368

6,501 - 8,000 sq ft

3.0

2.0

45

176

29

24 145 Least expensive 25% of homes

Quart

Median Price

1

$ 549,000

2

AbNew sorbed

Avg. DoM

We'll refer to the quartiles in the trend graphs below.

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PRICE Despite this week's up tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.

QUARTILE PRICES Often, we find insights by watching pricing trends within the quartile segments.

Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.

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PRICE AND VALUE The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

INVENTORY Inventory has been climbing lately.

Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.

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Residential house prices are a function of supply and demand, and market conditions can be MARKET ACTION INDEX characterized by analyzing those factors. Watch this index for sustained changes: if the index The CHULA VISTA market is currently falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction. in the Buyer's Market zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 25 so buyers should expect find reasonable levels of selection.

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical 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 will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

MARKET ACTION QUARTILES Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes.

The quartiles can help you answer the question, "How hot is the market for homes in my price range?"

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DAYS ON MARKET (DOM) The properties have been on the market for an average of 147 days. Half of the listings have come newly on the market in the past 91 or so days.

DOM PER QUARTILE It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.

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CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91915 Trend

Median List Price $ 400,000 Average List Price $ 422,446 Least Expensive Listing $ 239,580 Most Expensive Listing $ 919,900 Asking Price per Square Foot $ 170 Average Days on Market 142 Total Inventory 122 Absorbed This Week 14 Median House Size (sq ft) 2,341 Median Lot Size 4,501 - 6500 sq ft Median Number of Bedrooms 4.0 Median Number of Bathrooms 2.5 Median Age 6 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 25

THIS WEEK The median single family home price in CHULA VISTA 91915 this week is $400,000.

Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.

PRICE We continue to see prices in this zip code bouncing around this plateau.

Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

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PRICE PER QUARTILE In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed.

Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.

Characteristics per Quartile QUARTILES Quart

Median Price Med. Sqft Med. Lot Size

Bed

Bath

Med. Age

Inven.

AbNew sorbed

Avg. DoM

1

$ 559,950

3,509

8,001 - 10,000 sq ft

5.0

3.8

6

30

3

3

132 Most expensive 25% of homes

2

$ 439,950

2,663

6,501 - 8,000 sq ft

4.0

3.0

6

30

2

1

172 Upper-middle 25% of homes

3

$ 389,000

2,219

4,501 - 6500 sq ft

4.0

2.5

6

31

2

6

116 Lower-middle 25% of homes

4

$ 309,000

1,651

Less than 4,500 sq ft

3.0

2.5

8

31

2

4

147 Least expensive 25% of homes

PRICE AND VALUE The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

McMillin Realty's Market Update for CHULA VISTA

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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

INVENTORY Inventory has been climbing lately with 122 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyer interest is keeping up with available supply.

MARKET ACTION INDEX The CHULA VISTA 91915 market is currently in the 'Buyer's Market' zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 25 so buyers should expect find reasonable levels of selection.

MARKET ACTION QUARTILES Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

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DAYS ON MARKET The properties have been on the market for an average of 141 days. Half of the listings have come newly on the market in the past 101 or so days. Watch the 90day DOM trend for signals of a changing market.

DAYS ON MARKET It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.

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CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91914 Trend

Median List Price $ 479,000 Average List Price $ 552,425 Least Expensive Listing $ 225,000 Most Expensive Listing $ 3,599,900 Asking Price per Square Foot $ 172 Average Days on Market 171 Total Inventory 89 Absorbed This Week 5 Median House Size (sq ft) 3,088 Median Lot Size 8,001 - 10,000 sq ft Median Number of Bedrooms 4.5 Median Number of Bathrooms 3.5 Median Age 6 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 22

THIS WEEK The median single family home price in CHULA VISTA 91914 this week is $479,000.

Demand measured by the Market Action Index is increasing and days-onmarket is holding steady. With more properties coming available, conditions are mildly positive.

PRICE Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.

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PRICE PER QUARTILE In the quartile market segments, we see prices in this zip code generally settled at a plateau, although Quartile 2 has been trending a bit downward in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.

Characteristics per Quartile QUARTILES Quart

Median Price Med. Sqft Med. Lot Size

Bed

Bath

Med. Age

Inven.

AbNew sorbed

Avg. DoM

1

$ 654,500

4,262

0.25 - 0.50 acre

5.0

4.5

4

22

2

2

179 Most expensive 25% of homes

2

$ 551,500

3,415

8,001 - 10,000 sq ft

5.0

3.5

5

22

1

1

163 Upper-middle 25% of homes

3

$ 450,000

2,574

4,501 - 6500 sq ft

4.0

3.0

6

22

3

2

153 Lower-middle 25% of homes

4

$ 379,000

2,150

4,501 - 6500 sq ft

4.0

2.5

7

23

0

0

190 Least expensive 25% of homes

PRICE AND VALUE Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of the market being priced at a premium. You can investigate this condition in the quartile details.

McMillin Realty's Market Update for CHULA VISTA

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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

INVENTORY Inventory has been climbing lately with 89 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyer interest is keeping up with available supply.

MARKET ACTION INDEX The CHULA VISTA 91914 market is currently in the 'Buyer's Market' zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 22 so buyers should expect find reasonable levels of selection.

MARKET ACTION QUARTILES Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

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DAYS ON MARKET The properties have been on the market for an average of 171 days. Half of the listings have come newly on the market in the past 112 or so days. Watch the 90day DOM trend for signals of a changing market.

DAYS ON MARKET It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.

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CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91913 Trend

Median List Price $ 380,000 Average List Price $ 391,979 Least Expensive Listing $ 191,000 Most Expensive Listing $ 875,000 Asking Price per Square Foot $ 172 Average Days on Market 138 Total Inventory 220 Absorbed This Week 16 Median House Size (sq ft) 2,164 Median Lot Size 4,501 - 6500 sq ft Median Number of Bedrooms 4.0 Median Number of Bathrooms 2.5 Median Age 7 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 24

THIS WEEK The median single family home price in CHULA VISTA 91913 this week is $380,000.

The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

PRICE We continue to see prices in this zip code bouncing around this plateau.

Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

McMillin Realty's Market Update for CHULA VISTA

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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

PRICE PER QUARTILE In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed.

Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.

Characteristics per Quartile QUARTILES Quart

Median Price Med. Sqft Med. Lot Size

Bed

Bath

Med. Age

Inven.

AbNew sorbed

Avg. DoM

1

$ 480,000

3,150

6,501 - 8,000 sq ft

5.0

3.0

7

55

4

5

148 Most expensive 25% of homes

2

$ 405,000

2,464

4,501 - 6500 sq ft

4.0

3.0

7

55

8

2

109 Upper-middle 25% of homes

3

$ 350,000

1,930

4,501 - 6500 sq ft

4.0

2.5

8

55

6

7

142 Lower-middle 25% of homes

4

$ 300,000

1,559

Less than 4,500 sq ft

3.0

2.5

8

55

3

2

152 Least expensive 25% of homes

PRICE AND VALUE The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

McMillin Realty's Market Update for CHULA VISTA

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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

INVENTORY Inventory has been climbing lately with 220 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyer interest is keeping up with available supply.

MARKET ACTION INDEX The CHULA VISTA 91913 market is currently in the 'Buyer's Market' zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 24 so buyers should expect find reasonable levels of selection.

MARKET ACTION QUARTILES Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

McMillin Realty's Market Update for CHULA VISTA

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DAYS ON MARKET The properties have been on the market for an average of 137 days. Half of the listings have come newly on the market in the past 84 or so days. Watch the 90day DOM trend for signals of a changing market.

DAYS ON MARKET It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.

McMillin Realty's Market Update for CHULA VISTA

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CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91911 Trend

Median List Price $ 285,000 Average List Price $ 301,744 Least Expensive Listing $ 100,000 Most Expensive Listing $ 1,390,000 Asking Price per Square Foot $ 183 Average Days on Market 163 Total Inventory 125 Absorbed This Week 21 Median House Size (sq ft) 1,627 Median Lot Size 6,501 - 8,000 sq ft Median Number of Bedrooms 3.7 Median Number of Bathrooms 2.0 Median Age 46 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 29

THIS WEEK The median single family home price in CHULA VISTA 91911 this week is $285,000.

Days-on-market has been trending up recently but the Market Action Index and inventory levels are basically flat and not providing strong indications for the market.

PRICE Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

McMillin Realty's Market Update for CHULA VISTA

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PRICE PER QUARTILE In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed.

Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.

Characteristics per Quartile QUARTILES Quart

Median Price Med. Sqft Med. Lot Size

Bed

Bath

Med. Age

Inven.

AbNew sorbed

Avg. DoM

1

$ 385,000

2,161

8,001 - 10,000 sq ft

4.0

2.5

31

31

4

4

122 Most expensive 25% of homes

2

$ 305,000

1,630

6,501 - 8,000 sq ft

3.0

2.0

46

31

3

9

223 Upper-middle 25% of homes

3

$ 250,000

1,582

8,001 - 10,000 sq ft

3.0

2.0

49

31

5

4

156 Lower-middle 25% of homes

4

$ 206,250

1,050

6,501 - 8,000 sq ft

3.0

1.5

50

32

7

4

153 Least expensive 25% of homes

PRICE AND VALUE The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

McMillin Realty's Market Update for CHULA VISTA

20

McMillin Realty | www.mcmillinrealty.com | 866-694-6491

INVENTORY Inventory has been climbing lately with 125 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyer interest is keeping up with available supply.

MARKET ACTION INDEX The CHULA VISTA 91911 market is currently in the 'Buyer's Market' zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 29 so buyers should expect find reasonable levels of selection.

MARKET ACTION QUARTILES The middle of this zip code (Quartiles 2 and 3) are in the Buyer's Market zone with several months of inventory given the current levels of demand. Notice that Quartiles 2 and 3 (the middle of the market) are showing weaker demand than either end.

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DAYS ON MARKET The properties have been on the market for an average of 163 days. Half of the listings have come newly on the market in the past 105 or so days. Watch the 90day DOM trend for signals of a changing market.

DAYS ON MARKET It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.

McMillin Realty's Market Update for CHULA VISTA

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CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91910 Trend

Median List Price $ 349,900 Average List Price $ 459,417 Least Expensive Listing $ 185,000 Most Expensive Listing $ 2,999,500 Asking Price per Square Foot $ 210 Average Days on Market 140 Total Inventory 145 Absorbed This Week 15 Median House Size (sq ft) 1,786 Median Lot Size 6,501 - 8,000 sq ft Median Number of Bedrooms 3.8 Median Number of Bathrooms 2.5 Median Age 26 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 23

THIS WEEK The median single family home price in CHULA VISTA 91910 this week is $349,900.

The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.

PRICE Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.

McMillin Realty's Market Update for CHULA VISTA

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PRICE PER QUARTILE In the quartile market segments, we see prices in this zip code have generally settled at a plateau, although Quartile 1 has been trending a bit downward in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.

Characteristics per Quartile QUARTILES Quart

Median Price Med. Sqft Med. Lot Size

Bed

Bath

Med. Age

Inven.

AbNew sorbed

Avg. DoM

1

$ 639,975

2,937

0.25 - 0.50 acre

4.5

3.0

14

36

11

2

199 Most expensive 25% of homes

2

$ 385,000

2,086

4,501 - 6500 sq ft

4.0

2.5

20

36

1

4

151 Upper-middle 25% of homes

3

$ 320,000

1,574

6,501 - 8,000 sq ft

3.0

2.0

33

36

6

5

134 Lower-middle 25% of homes

4

$ 249,000

1,108

6,501 - 8,000 sq ft

3.0

1.0

61

37

10

4

77 Least expensive 25% of homes

PRICE AND VALUE Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of the market being priced at a premium. You can investigate this condition in the quartile details.

McMillin Realty's Market Update for CHULA VISTA

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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

INVENTORY Inventory has been climbing lately with 145 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyer interest is keeping up with available supply.

MARKET ACTION INDEX The CHULA VISTA 91910 market is currently in the 'Buyer's Market' zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 23 so buyers should expect find reasonable levels of selection.

MARKET ACTION QUARTILES Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

McMillin Realty's Market Update for CHULA VISTA

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DAYS ON MARKET The properties have been on the market for an average of 139 days. Half of the listings have come newly on the market in the past 77 or so days. Watch the 90day DOM trend for signals of a changing market.

DAYS ON MARKET It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.

About Altos Research Corporation Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All information contained herein is based on properties currently listed for sale and available publicly. When evaluating a particular property, make sure you use comparable sales data in addition to the market trend information available in this report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a licensed real estate agent or broker.

Altos Research LLC Copyright 2005-2009. All Rights Reserved

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