As I mentioned in MM monitor we are next level here also
New listings 17 – falling off a cliff is not an exageration. We should be seeing an acceleration in new inventory not vice versa this time of year
New Pendings of 34 – massive demand!
Thats a -17 for the week.
Closed sales at 29
Price reductions at 3.
Total houses for sale down to 42 with median of $2.33M.
As I mentioned a house down the street 3/2 2000 SF 1 story built in 99 nicely updated since backing up to open space hit market at $1.2M. This time last year maybe $1.05M for that house. Closed for $1.35M cash with 10 day escrow. While it may be a slight exception thats 30% y-o-y.
Things have sure changed fast around here. This is a very different place than it was which may explain something im starting to see.
There are a lot of older homes in Encinitas/Leucadia that have been in families for decades. They seem to stay that way and sales are fairly rare. As I review the new listings each day I get a sense we are seeing more of those hitting the market than we usually do. There was some elevated turnover in the late 90’s but its been fairly quiet for the last 20 years. Maybe we will start to see more of the prime lot older properties hit the market.
Its just an early feeling now but perhaps Im onto something that Im gonna keep following. I’ll call it one part astronomical prices to cash out, one part Prop 19 taking away low inherited tax basis and one whopping part we dont like that this place is becoming more and more impacted by rich outsiders. Somethings going on….
Looking at the active inventory most of it is in Encinitas rather than S Carlsbad which is not typical. Of course it is the higher priced stuff that sits on the market a bit longer and thats Encinitas but S Carlsbad is blowing up.
There is 1 detached house in 92011 right now and it is a trustee sale (husband passed away a couple years ago and wife either passed also or incapacitated). Thats basically ZERO on the market.
Things arent much better in the much larger 92009 that is my home. There are 13 on the market of which 6 have been on less than a week. Of the 7 on more than a week 5 are over $2M (two years ago there would be a small handful of sales above $2M each year), one is a BK sale and the other has been off and on due to something going on with seller so hasnt really been available to see. It is extremely rare for a home to last more than a week these days. Those that do are either sorting out a bidding war, very high end where demand is slower or vastly overpriced. I dont think it could be any hotter but Ive saying that and it keeps getting hotter
