New listings 23 – just not getting much in the way of homes under $1.5M and things higher are selling too
New Pendings of 31 – put it on the market and its gone!
Thats a -8 for the week.
Closed sales at 23
Price reductions at 3. Obviously shot way too high on those
Total houses for sale down to 48 with median of $1.987M.
In my 3 zip area (92009/92011/92024) there are 104 pendings and 48 actives. Ten actives under 1.5M and basically nothing under $1M. Half the listings over $2M.
Talking to agents in my hood they are seeing buyers pouring in from Bay Area and LA. FSD just announced his pending return from West LA in coming year. Piles of offers and only the strongest most motivated buyers have a shot. Houses routinely in escrow $100 to 200K over asking. I think we are about 20% y-o-y in my hood maybe more with no end in sight.
Ten years ago I was laughed at here when I tried to explain the area had and was fundamentally changing into Newport Beach. That it truly was going to be “different this time”. The dumpy chart house in cardiff is gonna be a Mastro’s. The Hyatt Alila Marea is opening soon overlooking Ponto. A week there starts at $4700 all in for a hotel room not a suite. A studio suite starts around a G a night. Buckle up its on along the NCC!! Wont be long until we see Real Housewives of North County Coastal San Diego
