New listings 12 (20) – running about half of last year
New Pendings of 18 (16) – multiple over asking buyers
Thats -6
Closed sales at 8 –
Total houses for sale 24 (52) with median of $2.4M ($1.8M)
So much demand with such limited inventory. Pretty much every sfr goes 10%+ above asking.
A few anecdotes from the streets. Finally got one. House listed at 1.9 was in escrow at 2.1 and fell out. I knew where some other recent comps were gonna be which supported much higher. My client got it for 2.2 and while we were signing there were other buyers trying to jump even higher. IN amonth or two this should like a deal.
A guy I know listed his house for 2.5M. I thought it was a low and would go quite a bit a higher. Friend of friend asked me about it. I told my friend to tell his friend it will go for $3M easy. It went for $3.5M. NO matter how mispriced it was someone paid $1M over asking. Never would have happened before
The median listing price was 1.8 last year and is 2.4 now. Thats the market.
Here’s one prediction. With the market as tough as it is lots of agents arent gonna make it. Younger agents will find other work and with soaring rents willmove in with friends. Old time agents will look at their homes worth $1 to $3M cash out and call it day retiring to the desert, AZ, TX, FLA etc with the proceeds. I think the thinning of the ranks will happen over the next two years. But yours truly is prepared for whatever comes and aint going anywhere:)
