[quote=livinincali]I wasn’t actively looking. I was more curious as to how the tax credit was effecting the market back then. I figured MM was a prime candidate for measuring the tax credit. What I remembered was probably less than 2 months inventory and I was just using sdlookup’s numbers so if you excluded contingent and other things it might have been <1 month inventory. Inventory is constricted right now but back then I think it was worse. Just look at the numbers, people actually went ahead and overpaid for what was left then. Right now it seem buyers are more willing to pass on the overpriced listing and wait for a better one.[/quote]
I agree that there was a bump when the tax credit was expiring, which causes what looks like a big drop off in 2011. But if you smooth out the lines over the last 3 years, I stand by my statement that it's pretty much flat. WRT to sdloopup's inventory number, I don't believe that number now (I used to), due to the massive number of contingent. Although sdlookup is saying MM has a total of over 150 properties for sale, if you look on Redfin and only show active inventory, there's currently only 45 combined properties that's active. 7 of the 45 are condos. So, 45 combined properties is <1 month supply, since last month, there are 63 properties that closed. The total of ~150 total properties for sale today is only about 2.5 months of inventory. So that isn't any different than what you said was the situation in 2010.
So, my point is, I don't know if it's worse in 2010 than it is now. WRT to overpaying, I don't have any numbers to back it up, but based on what I saw and am seeing, I don't think people back then are overpaying more than people are today. This is running straight from memory (so I could be wrong), but if you compare apple to apple, price is pretty flat between 2010 and today. My gut is telling me something like this: http://www.redfin.com/CA/San-Diego/8151-Jade-Coast-Rd-92126/home/4852402 wouldn't have sold for over $400k in 2010. Or something like this: http://www.redfin.com/CA/San-Diego/10510-Parkdale-Ave-92126/home/4585282 selling for $400k.
