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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 14, 2010

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

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

City Overview

CHULA VISTA Trend

Real-Time Market Profile

THIS WEEK

The median single family home price

Median List Price $ 379,900 Average List Price $ 420,773 Least Expensive Listing $ 100,000 Most Expensive Listing $ 3,599,900 Asking Price per Square Foot $ 180 Average Days on Market 142 Total Inventory 679 Absorbed This Week* 53 Percent of Properties with Price Decrease 16 % Percent Relisted (reset DOM) 6% Percent Flip (price increased) 8% Median House Size (sq ft) 2,105 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 $379,900. The 679 homes have been on the market for an average of 142 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.

3,290

8,001 - 10,000 sq ft

5.0

3.5

6

169

20

$ 415,000

2,458

4,501 - 6500 sq ft

4.0

3.0

8

170

25

10 125 Upper-middle 25% of homes

3

$ 339,550

1,793

4,501 - 6500 sq ft

4.0

2.5

10

170

24

15 128 Lower-middle 25% of homes

4

$ 260,000

1,442

6,501 - 8,000 sq ft

3.0

2.0

44

170

15

20 153 Least expensive 25% of homes

Quart

Median Price

1

$ 549,000

2

AbNew sorbed

Avg. DoM

8 163 Most expensive 25% of homes

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

McMillin Realty's Market Update for CHULA VISTA

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

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.

McMillin Realty's Market Update for CHULA VISTA

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

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.

McMillin Realty's Market Update for CHULA VISTA

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

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?"

McMillin Realty's Market Update for CHULA VISTA

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

DAYS ON MARKET (DOM) The properties have been on the market for an average of 142 days. Half of the listings have come newly on the market in the past 84 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.

McMillin Realty's Market Update for CHULA VISTA

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

CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91915 Trend

Median List Price $ 399,000 Average List Price $ 410,923 Least Expensive Listing $ 237,970 Most Expensive Listing $ 999,900 Asking Price per Square Foot $ 171 Average Days on Market 125 Total Inventory 121 Absorbed This Week 8 Median House Size (sq ft) 2,338 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 $399,000.

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

$ 549,000

3,138

6,501 - 8,000 sq ft

5.0

3.5

6

30

6

3

111 Most expensive 25% of homes

2

$ 429,500

2,508

4,501 - 6500 sq ft

4.0

2.8

6

30

3

2

149 Upper-middle 25% of homes

3

$ 375,000

2,164

4,501 - 6500 sq ft

3.5

2.5

6

30

7

0

118 Lower-middle 25% of homes

4

$ 299,900

1,651

Less than 4,500 sq ft

3.0

2.5

9

31

1

3

122 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

8


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

INVENTORY Inventory has been climbing lately with 121 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.

McMillin Realty's Market Update for CHULA VISTA

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

DAYS ON MARKET The properties have been on the market for an average of 125 days. Half of the listings have come newly on the market in the past 91 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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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91914 Trend

Median List Price $ 490,000 Average List Price $ 582,370 Least Expensive Listing $ 225,000 Most Expensive Listing $ 3,599,900 Asking Price per Square Foot $ 172 Average Days on Market 163 Total Inventory 93 Absorbed This Week 5 Median House Size (sq ft) 3,132 Median Lot Size 8,001 - 10,000 sq ft Median Number of Bedrooms 4.6 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 $490,000.

Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

PRICE Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

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 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

$ 659,000

4,208

0.25 - 0.50 acre

5.0

4.5

4

23

3

1

185 Most expensive 25% of homes

2

$ 570,000

3,498

6,501 - 8,000 sq ft

5.0

3.5

5

23

3

2

153 Upper-middle 25% of homes

3

$ 450,000

2,656

6,501 - 8,000 sq ft

5.0

3.0

6

23

2

0

146 Lower-middle 25% of homes

4

$ 385,000

2,150

4,501 - 6500 sq ft

4.0

2.5

6

24

5

2

166 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 93 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.

McMillin Realty's Market Update for CHULA VISTA

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

DAYS ON MARKET The properties have been on the market for an average of 162 days. Half of the listings have come newly on the market in the past 91 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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McMillin Realty | www.mcmillinrealty.com | 866-694-6491

CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91913 Trend

Median List Price $ 380,000 Average List Price $ 395,928 Least Expensive Listing $ 191,000 Most Expensive Listing $ 875,000 Asking Price per Square Foot $ 172 Average Days on Market 133 Total Inventory 218 Absorbed This Week 11 Median House Size (sq ft) 2,170 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 25

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 and days-on-market are climbing. The 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

$ 492,500

3,164

6,501 - 8,000 sq ft

5.0

3.5

7

54

8

0

155 Most expensive 25% of homes

2

$ 416,500

2,542

4,501 - 6500 sq ft

4.0

3.0

7

54

6

2

98 Upper-middle 25% of homes

3

$ 350,876

1,913

4,501 - 6500 sq ft

4.0

2.5

8

55

6

4

135 Lower-middle 25% of homes

4

$ 310,000

1,605

Less than 4,500 sq ft

3.0

2.5

8

55

9

5

144 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

16


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

INVENTORY Inventory has been climbing lately with 218 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 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.

McMillin Realty's Market Update for CHULA VISTA

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

DAYS ON MARKET The properties have been on the market for an average of 133 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.

McMillin Realty's Market Update for CHULA VISTA

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

CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91911 Trend

Median List Price $ 285,000 Average List Price $ 304,992 Least Expensive Listing $ 100,000 Most Expensive Listing $ 1,495,000 Asking Price per Square Foot $ 181 Average Days on Market 163 Total Inventory 121 Absorbed This Week 17 Median House Size (sq ft) 1,629 Median Lot Size 6,501 - 8,000 sq ft Median Number of Bedrooms 3.8 Median Number of Bathrooms 2.0 Median Age 46 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 28

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

The Market Action index has been trending down lately, while days-onmarket is climbing, providing mostly bearish signs for the market.

PRICE The market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch the Market Action Index to predict how long this trend will last.

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

$ 385,000

2,156

8,001 - 10,000 sq ft

4.0

2.5

21

30

4

6

145 Most expensive 25% of homes

2

$ 305,000

1,638

6,501 - 8,000 sq ft

4.0

2.0

44

30

2

0

174 Upper-middle 25% of homes

3

$ 254,500

1,453

6,501 - 8,000 sq ft

3.0

2.0

49

30

3

6

150 Lower-middle 25% of homes

4

$ 219,900

1,051

8,001 - 10,000 sq ft

3.0

1.5

50

31

2

5

183 Least expensive 25% of homes

PRICE AND VALUE In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.

McMillin Realty's Market Update for CHULA VISTA

20


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

INVENTORY Inventory has been climbing lately with 121 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 28 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.

McMillin Realty's Market Update for CHULA VISTA

21


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

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

CHULA VISTA

Neighborhood Detail Real-Time Market Profile

91910 Trend

Median List Price $ 350,000 Average List Price $ 465,129 Least Expensive Listing $ 185,000 Most Expensive Listing $ 2,999,500 Asking Price per Square Foot $ 208 Average Days on Market 138 Total Inventory 126 Absorbed This Week 12 Median House Size (sq ft) 1,790 Median Lot Size 6,501 - 8,000 sq ft Median Number of Bedrooms 3.9 Median Number of Bathrooms 2.5 Median Age 25 Altos Research Value Statistics Market Action Index Cool. Buyer's Market 24

THIS WEEK The median single family home price in CHULA VISTA 91910 this week is $350,000.

The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The 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 the market without strong directional trend lately. Prices in Quartiles 3 and 4 have been mixed in recent weeks, while Quartile 2 is up and Quartile 1 is down. Look to the Market Action Index to determine when we may see a shift in prices 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

$ 575,000

2,756

0.25 - 0.50 acre

4.0

3.0

15

31

2

2

181 Most expensive 25% of homes

2

$ 398,000

2,074

4,501 - 6500 sq ft

4.0

2.5

20

31

5

3

163 Upper-middle 25% of homes

3

$ 329,000

1,626

6,501 - 8,000 sq ft

3.0

2.0

33

32

5

3

110 Lower-middle 25% of homes

4

$ 247,000

1,205

6,501 - 8,000 sq ft

3.0

2.0

60

32

2

4

100 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

24


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

INVENTORY Inventory has been climbing lately with 126 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 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

25


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

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 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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McMillin Realty's Market Update for CHULA VISTA

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Chula Vista Market Update Week of February 14, 2010  

detailed market update report for combined zip codes of Chula Vista with individual zip breakdowns.