Last week I saw a slight cool down. This week the polar opposite. What happened in Mira Mesa did not happen here. The opposite happened.
New listings 19 – thats a very small number
New Pendings of 41 – plenty of demand to feed off the higher inventory last week
Thats a -22 for the week.
Closed sales at 34 –
Price reductions at 2
Total houses for sale 49 with median of $1.925M. It was 73 this time last week
Last week may have been an anomaly. Inventory dropped way down this week. This is when it should be building. I see a house close for $3M plus almost everyday. Just 3 years ago it was nearly impossible to sell one for over $2M.
Here is some more data in these 3 zips (92009, 92011, 92024).
May 2020
61 SFR’s closed
median price of $1.25M
May 2021 to date
91 SFR’s have already closed
median of $1.64M
The last week is the busiest of the month. There are 31 houses still in escrow that went under contract prior to May 1st. A bunch of these should close this week. We could end up with almost twice as many closed sales this May as last year. Of course some of that was due to COVID lock down in 2020 but notable that prices were not really impacted by the shut down. I sold two houses that closed last May. Both closed for record prices.
The median for May is already up 31% here.
For comparison I looked at MM also.
May 2020
22 closed SFR’s
Median of $683K
May 2021
29 closed SFR’s thus far with 8 under contract prior to May 1st which could close this week
Median 810K
Should end up with sales up about 50% higher volume and prices up around 19% y-o-y.
