Well its seems for now the winds of change I felt last week were merely a brief Santa Ana condition. Demand came roaring back this week
New listings 14 (16) – way back down likely due to tax season
New Pendings of 24 (39) – bounced back up but well below last year with limited choices. Call it part tax season slow down and part higher prices but we should be seeing 30+ soon as long as we get the inventory. We’ll know soon
Thats -10
Closed sales at 25 –
Total houses for sale 41 (49) with median of $2.625M ($2.1M)
When I look at active inventory its just skewed too much to big high end properties and not enough 3 to 4 BR homes between 1500 and 3000 sq ft. When I take out the beach properties and big lot redevelopment potential listings there are only about 10 so still pretty slim pickings for most.
A lot of them and others are listed at crazy prices pushing the comps which seems to be a recipe to sit. The key is to list at attractive price, gets tons of traffic through and let the buyers sort out market value.
I still think the market has begun shifting but its looking like we should have another 2-3 strong months at the least.
One thing that does stand out to me having gone through all the listings this year. I am seeing some truly special properties change hands. Great homes, great lots, great locations and more that have been owned for decades are turning over at rates Ive not seen before. A lot is due to the fact people that have been here 40 to 50 years are now aging out but damn Ive seen some homes Id love to live in come up which is not the norm. The newcomers are getting some great places albeit at high prices
