92107 inventory is a rounding error from zero. Only 6 single family houses, for 1.3, 1.9, and the rest 2+ million. Only 1 condo and 3 townhouses for a total MLS inventory of 10 in an area where a strong month in a normal market has 40 sales.
Another way to look at it is that there are about 15,000 people in rental households in 92107. If only 4% of them are making plans to buy, that’s 600 potential buyers chasing……. 0 houses, 2 townhouses, and a single 1/1 condo under $900,000. And they will compete with investment buyers, out of area buyers, “buy another home and keep the old one as a rental” buyers,” parents buying for their kids, etc.
There certainly could be another covid/9-11/1929 crash scale event in 2021. Outside of that, we’re headed straight up. Lots of buyers, virtually no sellers.
