Deadzone
Try and find a house under 450K. Here are current stats.
Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).
1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
