Wateridge condo project (part 3)

I began a case study of the Wateridge neighborhood in San Diego back in March because I had a feeling we would be seeing some changes in the real estate market, and I was hoping to document those changes by using one 254-unit condo complex in Sorrento Valley as a microcosm of what might be going on in the rest of the area.

Here were the initial findings:
*There were four documented recent sales on Zillow, with an average price/sq ft of $357
*There were five condos I could find in ZipRealty for sale, average asking price/sq ft: $346 (Note: many of these were price ranges, so to be safe I used the lowest value in the range for calculation)

I came back to this complex again in May for an update. Here were those findings:
*Two additional sales resulted in $319 per sq ft
*Five properties I was following had been on the market for an average of 124 days. Usually there were price reductions, but they were typically small

Here is where we are now:
I am tracking nine active listings I found on ZipRealty. Mean asking price: $474,044 Median asking price: $475,000. Asking price/ sq ft (mean): $345
Median days on the market of active listings: 39
Note: Lowest value was taken in an asking price that was a range
FYI: The median asking price of a property in San Diego is currently $495,000, according to housingtracker.net

There were three sales since I last stopped by:
*10354 Wateridge Circle #314 sold after close to a year on the market for $445,000. This property is 3 bedrooms and 2.5 baths, 1,390 sq ft. It had originally been listed at $499,888. Price/sq ft paid: $320. Previous sale on 07/12/2002: $360,000.
*10362 Wateridge Circle #326 sold on the same day (6/27/07) . This sales price was $515,000. This unit is slightly bigger at 1,553 sq ft. Price/sq ft paid: $332. Previous sale on 10/3/2003: $459,840
*10288 Wateridge Circle #248 sold for $465,000 on 6/22. This unit is 1,390 sq ft. Whoops. Looks like these new owners could have lost $20,000 on paper in five days because of the sale of 10354 Wateridge Circle # 314. Price/sq ft paid: $335. Previous sale: 04/16/2002: $239,091

ZipRealty graph: Tracking median price per sq ft in Del Mar, Solana Beach, Rancho Santa Fe

Median sales price during this last tracking period: $465,000
Mean $/sq ft: $329
Median $/sq ft: $332
Mean sales price: $475,000
Change in median price/ sq ft between initial findings and this update: $-25

ZipRealty graph 2: Recent number of sales for the same area