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How Long Has It Been Since Home Prices In Benicia, Vallejo & Vicinity Were This Low?
May 10th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
With home prices in Benicia, Vallejo and the rest of Solano County several hundred-thousand less than just three or four years ago, one question that often comes up is “How long has it been since prices were this low?“
The answer: It depends. That is, it depends on which city in Solano County you’re talking about.
Recently, I went into our multiple listing service and did a series of searches to find the last time the median price was as low as it is now for each of the five cities in our Solano market area: Benicia, Vallejo, Fairfield/Green Valley, Suisun City and Vacaville.
As you might expect, you have to go farther back in those cities where prices have fallen the most. And the leader in that category is Vallejo, where the median price for the first quarter of ‘09 was all the way down to $135,000 — which is about where it was for the first nine months of 1999.
In order to make sure I was using a large enough sample size for the results to be relevant, I decided to look at quarterly statistics rather than a single arbitrary month.
Accordingly, I used the most recent quarterly statistics — the first quarter of 2009 — as the current benchmark.
So how long has it been since prices were this low? Take a look:
So if you missed out in Vallejo back in ‘99, you get a second chance, for that’s exactly where home prices are again right now. For Fairfield-Green Valley and Suisun, we’ve dropped all the way back to 2000. And for Benicia and Vacaville, it’s 2002 all over again.
Opportunity usually doesn’t knock twice. But this time, there’s an exception to that rule.
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Related Articles
- Solano April ‘09 Home Sales Report
- Solano March ‘09 Home Sales Report
- Benicia Home Sales — April ‘09
- Benicia Home Sales — March ‘09
- Vallejo Home Sales — March ‘09
- 1st Quarter 2009 Housing Statistics
- Distressed Sales Property Report — April ‘09
- View The Most Recent Weekly Market Update
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