New listings 34 – finally seeing some surge in new listings
New Pendings of 41 – buyers surging too!
Thats a -7 for the week.
Closed sales at 31 –
Price reductions at 7
Total houses for sale 57 with median of $1.9M.
A few anecdotes. Just heard another neighbor is moving. They have a house full of kids and no family. These prices make a triumphant return to the Midwest close to family with a lot of cash in ones pocket look more and more appealing. This is a phenomena I saw a lot of in 03 and 04. My kids and I lost lots of good friends who took the money anbd moved back home. Not my favorite trend but it is what it is.
When I look at for sale inventory in Encinitas over the years, it has traditionally been skewed toward the bread and butter family neighborhoods along the El Camino Real. Not anymore and homes there are getting harder and harder to come by. What I see is 70 to 80% of the inventory in Leucadia, West of the 5 and neighborhoods just east of the 5. These are the neighborhoods dominated by oldtimers and I have never seen so many cashing out. I think some could be the impending prop 19 impact but just as much this area continues to change fundamentally and very quickly as I predicted it would 15 years ago. Wealth is pouring in and old time locals arent loving that. The community character is changing dramatically. Welcome to NewPorsche Beach – San Diego edition
