[quote=sdrealtor]DaCounselor asked if that house was the Canary in the Coal mine. I dont think it was but rather this weeks update could be.
New listings 32 (21) – a nice leap up to where we should be. Surprised it took so long to hit 30 in a week. Much more than we have been getting but in line with what we should be getting.
New Pendings of 13 (32) – this is a very low number and potentially the proverbial canary in the coal mine. Outside of early pandemic lockdown, holiday shutdown the lowest number Ive seen in over 2 years and this should be peak selling. More commentary below to follow
Thats +19!
Closed sales at 25 –
Total houses for sale 83 (73) with median of $2.1M ($1.85M)
Inventory is up 50% from last week. Like i have been reading in places like Calculated Risk its increasing everywhere not so much because of more supply but dimished demand.
Looking at the inventory there are great houses in every price range in lots of great neighborhoods. Maybe there are still multple offers to settle on some but still this number seems way low. We are finally positive year over year on inventory. Lets see what next week and the week after bring. With the inventory we have there should be pendings in the high 20’s if not 30’s this time of year. If not inventory will continue to grow even with limited new offerings.
Then the question is what next? Do sellers dig in their heels or reduce expectations? DaCounselor we may have our canary but then what next?[/quote]
Plus 19, wow. I looked at your numbers from this time last year and we were minus 11 for the 3rd week of May. Lots of minuses over the past few years overall, seems like more evidence of the winds of change you felt last month.
Yeah the Jacaranda listing is one data point in a sea of data, just find it interesting that it’s on its second price reduction (today) and down to the price of the sale of that floorplan in August ’21. So no bidding war, or even an offer? Agree that the time to sell that house at peak has probably passed.
What next? I’ve been bullish long-term big picture on SD for 30 years, with some specific bearish periods mixed in. Let’s just say my mood right now has more in common with a Grizzly than an Angus.
