“Right now I am pretty darn surprised at some of the active/pending ratios in certain desireable areas.”
I have several clients who are banging heads against the walls because of the increased activity. Mira Mesa is pretty intriguing right now because we see that the REO or short sales that price most aggressively, (in that mid 300’s range) are indeed going pretty darn fast. While it is frustrating it will set the stage for a new set of comps which will be good in the long run.
My “GUESS” is that the numbers for April and MAYBE for March will not show the drastic volume (total sales) declines on a yoy basis that we have seen over the past 2 years. I only say that because we may see a glimpse that price declines have finally provided a bit more buying. Combine that with reasonable mortgage rates and a bit of a seasonal bump and again, it wouldn’t surprise me if my guess is correct. Now the median may and should still be lower.
Please don’t confuse this with me calling a bottom or anything like that. It is just one of those times in the cycle where patience will be needed. Go to the beach or watch some hoops or something like that. Hopefully by July things will be back on track.
