I have seen a reduction here in Coronado. A house for sale in the Cays just went inactive. The owners had purchased for 1,050,000 and had it for sale at 999,000 (MLS 060065973). There is another house in the Cays that a realtor purchased to flip last year. I heard through the grapevine that they turned down an offer for 1,050,000 (last spring?). It was for sale for a long time but then last summer the sign dissappeared and people moved in. However, it was still listed on MLS with no picture until recently. They were asking 994,500 (066087721).
Houses listed at peak prices do not seem to be moving. There are lots and lots of price reductions and there is a lot of inventory. The only houses selling fast are those priced as a “good deal.”
I think there is going to be an inventory spike here this spring. Prices just can’t hold up when you have 10 months (or more) of inventory.
