[quote=permabear]I completely agree you on San Diego Premier. But the numbers come from the MLS. Spin aside (eg, “things are awesome!”), the data is interesting.
In particular, the charts do show an potentially troubling disparity:
Each of the areas show reasonable sales/inventory < 1.5M, but then >1.5M it goes into years of inventory. In RSF, there is 5+ years of inventory.
Maybe this is how it has always been, but it has me wondering what will happen to prices if the guy with the 2M summer home decides “screw it, cut my losses” and drops it to 1.3M[/quote]
I don’t know. I don’t think things in the 2+ million range move at the same rate as things in the $1.5 million, so I don’t think it works the same way as the normal worker bee homes…. You might have some slight price squeeze here and there, but I’m not expecting to see a $2.5 million suddenly selling for $1.2 or something like that…
I’m not surprised the inventory numbers at the higher end are that far out because the pool of buyers is so small and so selective…For example, how many folks are in the category to buy a $21million home in RSF for instance, as featured in on page 64? (If it’s in your budget, I’ll shut up. But what are you doing here on Piggington then??? Just kidding…..But it’s definitely not in mine. I could afford the property taxes on it alone :))
That person with the 2million summer home probably isn’t in a hurry to sell that summer home…(minus one or more life changing reasons, which I call the 3 “D’s”: death, divorce, or DEA.)
