It's tough to use gross sales prices without relating to property characteristics because a 6000sf home isn't an apple for the 9000sf home that sold a year later. But without regard for property attributes, here's the breakdown in SD County among the top 100 sale prices sold through the listing service between 2005-2011
2005 - 22
2006 - 30
2007 - 26
2008 - 14
2009 - 15
2010 - 10
2011 - 8
As can be expected, sales activity drops off as the trends for increase reach their peak as fewer and fewer buyers think it makes sense to pay more.
On a price/sf basis, 13 of the top 20 occurred after 01/2008. That's not a great measure but it does show that the high dollar market didn't peak at the same time as the lower end.
I did the same thing with the pricing in LA County as reported in the CLAW MLS system - that system is used more by the brokers who cover the puxury markets through Beverly Hills, Bel-Aire, the west side and such. It's incomplete for the County but probably a better indicator than the other system.
Of the top-10 sales on a gross price basis from 2005-2012, 9 of them occurred after 01/2008 and 8 of them occurred after 01/2010. Same for price/sf, 9/10 after 01/2008 and 8/10 after 01/2010.
The point is that even though SD and LA are close geographically, their respective luxury home markets didn't peak at the same time as each other, or at the same time as their respective lower end market segments. So basing our opinions on what we saw on the lower end would only apply to the lower end, and would be local in any case.
2005 - 22
2006 - 30
2007 - 26
2008 - 14
2009 - 15
2010 - 10
2011 - 8
As can be expected, sales activity drops off as the trends for increase reach their peak as fewer and fewer buyers think it makes sense to pay more.
On a price/sf basis, 13 of the top 20 occurred after 01/2008. That's not a great measure but it does show that the high dollar market didn't peak at the same time as the lower end.
I did the same thing with the pricing in LA County as reported in the CLAW MLS system - that system is used more by the brokers who cover the puxury markets through Beverly Hills, Bel-Aire, the west side and such. It's incomplete for the County but probably a better indicator than the other system.
Of the top-10 sales on a gross price basis from 2005-2012, 9 of them occurred after 01/2008 and 8 of them occurred after 01/2010. Same for price/sf, 9/10 after 01/2008 and 8/10 after 01/2010.
The point is that even though SD and LA are close geographically, their respective luxury home markets didn't peak at the same time as each other, or at the same time as their respective lower end market segments. So basing our opinions on what we saw on the lower end would only apply to the lower end, and would be local in any case.