Inventory trending down. It has been quite a while since inventory actually increased during a week. MOst of the pendings this week were $1M+.
I was out showing property to client today in Encinitas/South Carlsbad. We looked at detahced homes up to the low 700’s and some of the nicer/larger attached homes in the area up to the low 600’s. Inventory is pretty thin around here. We looked at what I would consider the best 15 to 20 properties on the market. Forgetting prices, the houses were virtually unliveable with the exception of 2 or 3. Even if they lowered the prices 10% below recent comps they would have a tough time selling. The beauty contest winners have been chosen this Summer and we are left with alot of red headed step children. IMO these homes are unsellable or sellable only at prices that will put up some ugly new comps. Most had long time owners with tons of equity and I suspect at least half of them will end up on the rental market.
