AN, you definately have an inventory problem. I did a redfin on 92126 and there were 136 total listings (including fsbo’s, apartment buildings, basicly everything residential), of that about 50 were short sales. So it’s more than a third and it’s so hard to tell if a short has offers because they never make them inactive until escrow closes, due to the nature of short offers being non binding. Then I looked at the stats and trends and between april 14th and april 30th, there were 40 closings, so this represents a two week supply. Further, I looked at the freshest 40 listings and the age of the 40th was 53 days, comparing that to the 16 days it takes to sell that many, the trend is worsening, three places sell for each one that lists.
I understand that redfin is not the best way to analyze data and the sales data includes banks taking a house back so it can’t be relied upon but it’s best way to take the pulse for us non realtor types. It kinda balances out because active listings are many times not active, only a phone call can verify if there are offers and the strength of those offers, but you get a fair snapshot and you can extract out the shorts.
The real question is, if you were a bank and you were sitting on a vacant unlisted repo in mira mesa, why wouldn’t you list it right now, the wind is at your back and it may not stay that way.
