Yes, that is exactly the read we do on a specific address with live MLS data, and claimed declines often shrink once you normalize the comps. The method matters more than any one listing. Start with actual closed sales in the same small community or tract over the prior year, then adjust each one for the things that move price independent of the broader market: lot size, view premium, and condition. A unit with a premium view, or a lot a few thousand square feet larger, sells for materially more than an otherwise similar home, and that gap reflects the lot and the view rather than a declining market. Do that carefully and a scary 'the area is down 10 to 20%' claim usually gets smaller. What looks like broad depreciation is frequently a mix of lot-size and view differences between the comps, plus one overpriced listing that started high and sat unsold. A home that lists at the same number as a comparable but larger-lot property and then fails to sell is telling you the price was wrong. Values can and do come off a spring peak. The discipline is measuring the change against normalized closed comps rather than list prices or one anecdote. If you are weighing a specific address, this comp walk-through is precisely what a good local agent should do with you before you write or counter an offer.