San Diego Housing Bubble News and Analysis

I live in Mission Hills and I have not noticed more signs than usual. A lot of people pull their house off the market over the holidays so they don't have to deal with the hassle. Inventories on the MLS are up very sharply and that is undeniable.

I haven't noticed more but I have seen RE agents raking leaves and wandering listlessly in front yards. Open houses are seeing fewer lookers according to my friend in real estate.

If you go into certain communities you can see it very visibly. For example in PB if you drive down streets like Thomas or Reed I counted at least 1 place for sale on every block for about a 1 mile stretch. In bankers/mission hills I see multiple for sale signs in condos that are only 6 months old as well as new units being built right next to it. You are also seeing agents sitting on listings for months and really trying to get the sale.

When I was looking for a new place to rent I believe one agent was showing a place for sale as a rental just to get prospects in the door. I say this because he told me he was trying to sell the unit but was willing to take a renter as well. The agent ran my credit app but the entire time was trying to convince me to buy. After all is said and done he tells me that they have decided to try and sell it and will not be renting to me. You have to love some of the new tactics sometimes. True the owner may have changed their mind but that is not my feeling from the whole situation.

As far as Mission hills goes there are 3 units for sale in the condo complex I'm renting currently in Mission Hills area and they are not moving(in the same complex I looked to rent from where the previous agent telling me the owners were going with selling.). I believe the condos where I’m at in Mission Hills are highly over valued at 850K each for a 1800 square foot 3 bed 3 bath condo. I've also noticed new condos in the area around it that are comparable coming out for about 650K so it looks like these new owners have to lower their prices to compete with new condos coming on-line or sit on their properties for a long time.

I'm an investor in North County and I travel the market from Ramona to Oceanside every week. Yes, up here the for sales signs are hopping up all over the place. Many are sitting on the market longer than they used to and my tracking of certain properties shows a drop in prices by 40 to 50K in most cases.

I'm also getting a lot of things in the mail urging me to still "get in while the gettin's good!"...

For example, giving away a car for purchasing a condo?? Come on people...

HA!!! you want to see signs?! just hang out anywhere there is a condo/townhome development. I just moved from Carmel Valley to Carlsbad....and let me tell you this:

For sale signs are sprouting like weeds. Some signs have actually grown in size (height and width) to out compete for attention from the other signs.

Additionally, I helped my friend into his new home in San Elijo hills. He is renting by the way, for 600$ below asking rent!!!! good golly miss molly. Anyway, there were/are 5 for sale signs just on the way to his place alone. I can't even imagine how many for sale signs there are in his development. these signs were right on the way to his place. the kicker to all of this was these homes were of same square footage and room numbers. supply out pacing demand now??