Have San Diego Real Estate Prices Peaked?

 On May 25th  I received an email alert from Redfin with a new listing in Clairemont (92117). This was a 4 br house selling for a $1.089M!

Sure it's over 2000 sq ft and obviously completely updated. But I know this neighborhood and that price for this particular street seems like a stretch. This feels like Silicon Valley: too much money chasing too few houses.

$1.089M seems like a lot for this house in 92117.

This was my own personal indication that we might be "pushing the limit" of what new home buyers are willing to pay. (Redfin estimates the mortgage at $4731).

I admit I'm an amateur market watcher - and not an economist. Perhaps there is more money flooding in from outside San Diego than I realize.

But 14 days later the listing is still active. Not pending. And I suspect they don't have multiple offers over asking. 

My prediction: a price reduction is coming.

Stay tuned.