San Diego Real Estate Blog

Chula Vista Real Estate 91915 Home Prices and Sales Volume Summer 2008

July 16th, 2008

San Diego Real Estate Blog

Chula Vista 91915 – July 16 2008.

I just ran the stats for the number of homes sold in Chula Vista 91915 and the average sales price of homes sold in Chula Vista zip code 91915 from January 1 to June 30 in the years 2004, 2005, 2006, 2007, and 2008. This is the half year mark and I thought it would be interesting to see how the 91915 Zip Code is doing right now. Chula Vista in 2008 has been flooded with foreclosures and even more flooded with short sales. We have helped many clients in Chula Vista with doing a short sale to help them avoid foreclosure and have been very successful with many home owners that are in trouble of loosing their homes. These short sales can take months and many times are foreclosed on by the bank Chula Vista Real Estate 91915 or mortgage holder and becomes an REO and gets sold as a foreclosure by the bank.

The chart that shows number of homes sold tells us that in Chula Vista 91915 there were 200 homes sold in 2004, 186 homes sold in 2005, 123 homes sold in 2006, 94 homes sold in 2007 and 138 homes sold in 2008 for the first 6 months of the year. This spike in home sales is higher than the 2007 and 2006 volume at this same time in those years respectively. There were 44 more homes sold this year than there were in 2007 at this same time. There could possibly be some more closings that went into escrow that haven’t closed yet that could bring these numbers even higher. The sales volume for homes “single family detached” is on the rise in Chula Vista 91915 and this is a good sign in a struggling Chula Vista real estate market.

The chart that shows average sales price for homes sold in Chula Vista 91915 is not so Chula Vista 91915 Real Estate Homes pretty. The average sold price of Chula Vista homes sold from January 1 to June 30 in 2004 was $574,065, 2005 was $648,399, 2006 was $680,355, 2007 was $610,816 and 2008 was $455,877. The difference from 2007 to 2008 was $154,939 and the difference from 2006 to 2008 was $224,478 less in average sold price for homes in 91915 Chula Vista. That is a huge drop in average sold price for homes and the inventory of homes and the foreclosures and short sales might drive it down even further. Some of the positive notes are that we are getting multiple offers on our short sales and foreclosures are also seeing many offers that are usually driving the sold price to be higher than the list price. Once the foreclosures and short sales start dwindling down the market here should stabilize nicely. There are still many new home communities in 91915 and they have slowed to a crawl.