Day of golf but ran the numbers and even in the face of what feels like slowing demand the market here tightened.
New listings 20 (23) – back up as we get past tax season and head to May
New Pendings of 21 (35) – pretty much in line with most of this year but well below last year with limited choices. If we dont get more inventory its gonna be tough to hit 30+ a week
Thats -1
Closed sales at 25 –
Total houses for sale 42 (48) with median of $2.53M ($1.997M)
Looks like atypo last week as my spreadheet shows 44 last week and inventory down by 2 week over week. I know its rising in places like Oceanside, Vista and Escondido but not here. That could change but it hasnt yet.
I just did a quick check of what I consider the bread and butter house around here which is a relatively affordable 4BR over 2000 sq ft. I chuckled when I realized I set the limit at $2M. At the moment there are 5 of them with the lowest at 1.6M and 2 at 1.99M (at least one of which will sell over $2M). There are 5 in coming soon status which is about normal.
Next week is when we typically see the beginning of the influx of relo buyers and the shelves are pretty bare. Hoping there’s a bunch of inventory coming later this week and next.
There is no question demand has slowed but there is no question that it still far outweighs supply here. Here’s hoping we start seeing 30-40 a week soon
A few notable closed sales
Listed at $6.995M this closed for $7.65M. A bidding war for a $7M house? Really?
New record for the hood. This is a nicely remodeled home but at most slightly above average for the actual lot/location and model as compared to the hood. Wonder how much higher one of the cherries could go?
Update: this home sold for $600K more than it sold 10 months ago. The remodel was done by prior owners not these sellers.
An expanded and remodelled twinhome (now 3/2 1,177 sq ft originally 2/1 827 sq ft) in what was once a 55+ community known locally as Geritol Hill. Its a beauty for what it is but $1.5M?
