Short sales 1,566 heading up again from 1,506 last week!
Total SD County Listings 15,317 and heading up from 15,111 last week. Regardless of the roughly 1,000 listings that vanished a couple weeks ago from the MLS- inventory is heading up again albeit quite slowly.
In the North County Coastal market that I watch closely, Inventory is very stable right now. Very little new listings are coming on the market. Most of what I am seeing hit the market is either low end ($700K and under in this area) or over $1M. Nice homes in the middle are selling well at prices about 5% below last years prices and are in relatively short supply.
For example, a bread and butter product in the portion of South Carlsbad that falls in the Encinitas School District are newer 4+BR homes built in the last 10 years with at least 2400 sq ft. Right now there are only 2 homes like this below $900,000 and 6 in escrow. This product is always in high demand among relo buyers and there is virtually nothing on the market.
I dont get to speak with as many agents as I used to due to competing buisness interests but I spoke with several agents this morning. Open house traffic and showings dropped quite a bit in the last week. There was a definite surge in activity/sales the 1st 2 weeks in March but that appears to be waning now. I have also heard of several escrows going south because buyers cant qualify/get loans on low end properties.
