Just taking the raw numbers from the inventory thread I recently posted, look at the 3 PUSD zip codes,
2009 2008
92127 198 actives 293 actives
92064 170 actives 227 actives
92129 81 actives 137 actives
Doesn’t that seem to you that this is a non trivial inventory reduction?
Now take into account the lower interest rates, and the lower median prices.
So yes there is no doubt that the lower ppsf homes will go faster but no chance do I agree that it is an 80% clip. I think to ignore lot size, quality of the home, orientation and other features that may drive up the ppsf is something that should not be ignored. Is the ratio an even bell curve? Not a chance. Is it maybe 60%? Perhaps.
Also what I am personally seeing is that most all listings are seeing alot of traffic when compared to the past 3 years.
At any rate these constraints are putting a squeeze on that for one, would recommend frugal buyers take a pass on for now. At any rate I will look at the pendings and actives for the zips you mentioned late tonite and see if I can give you a ratio breakdown of what the ppsf is for what you have classified.
