I believe there was a small spring bounce ( a slight rise in the number of pendings) but this is typical. Unlike the low end, the high end has not had a lack of inventory. Quite the opposite. If you look at this web page, the number of sfr’s in La Jolla has steadily grown all spring.
There were 238 at the beginning of February, and there are now 302 which is down a couple from a week ago. Most of this weeks decline is not houses going pending, simply houses being taken off the market. (Maybe they’ll be back next spring)
What I think we have seen, and will continue to see in the 1M+ market is quite simply a stand off between sellers and buyers. Sellers believe their areas are special, they are immune, meanwhile buyers are fewer and those that are out there want a price that matches today’s market.
Sales numbers are still way below levels of a couple of years ago. Some people are getting very good deals, but occasionally there is a sale that just make you shake your head and wonder why anyone would buy at 2005 prices or higher in today’s market.
