Values in the San Diego area are down from a high of $2.19 million in the second quarter of 2007. The 1.4% drop in the fourth quarter was the region's second consecutive quarterly decline. In December 2006, the averageLuxury Home was $2.15 million.
Despite the declines, some agents said the market has not fallen substantially. "We're not seeing wholesale price reductions," said Lucy Kelts, Prudential California Realty in Rancho Santa Fe. "If something is listed fairly, there is room to negotiate and make good deals. Inventory is also shrinking and builders are not breaking ground on any new projects. When the inventory levels out, buyers who have been waiting may not find a lot to choose from."
In northern San Diego County, the market has slowed somewhat, but interest in beach properties remains high. "There are a lot of buyers with the means of buying second homes, and they want real estate close to the ocean," said Wendy Ramp of Prudential California Realty in Del Mar. "Homeowners can walk to everything they want in Del Mar – restaurants, beach and shopping. That's why it remains so attractive."
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