Update time. Ran the numbers yesterday and we are back to the old trend.
New listings 10 – sellers really shutting it down for the holidays
New Pendings of 27 – but buyers sure as heck are not!
Thats a -17 for the week.
Closed sales at 34 in line with expectations based upon sales activity.
Price reductions down to 3. Still all high ticket stuff
Total houses for sale back down to 84 with median of $1.825M.
Anecdotally another model match for my house just closed. My model hasnt had many sales over the years but there were 2 this past Summer almost 10% higher than last year. Then a 3rd came on and just closed another 5% higher and all cash. A 4th just listed with a range starting at the level of the 2 sales this Summer with the top 5% above the most recent one. Its in a worse location, with inferior lot and upgrades to the others. If it sells in that range that would be nuts but I guess thats where we are at. It seems like prices up here are almost even with CV now
And in positive holiday news. Client in escrow on a great property in Encinitas after losing out on several others in bidding wars. Its got great access to beach area and he’s thrilled. I wrote a personal letter to seller on this one that hit all the right notes. We met them and she said it had her in tears. Sometimes these things are about more than just money. Happy Holidays everyone!
