New listings 30 – little better but not close to whats needed
New Pendings of 32 – still a buyer for any decent listing!
Thats a -2 for the week.
Closed sales at 25
Price reductions at 1. Price reduced from $6.6M to $6.4M.
Total houses for sale down to 53 with median of $1.999M. (note: ran numbers earlier today and when I just rechecked before posting its already back down to 48)
In Sept a model match to my house sold for $1.24M with the best lot in the community (13,000 sq ft canyon view lot with pool and plenty of room to add pool house or ADU). Tonight a model match closed for 1.275M in poor condition with no upgrades since it was built in 99 on a small lot on a busy corner. These represent the same model but the best vs the worst home in my tract. Today the best one could go for close to 1.5M. The market has changed that much that fast.
We should have an even more compelling example soon There’s a house nearby that sold January 2020 for $1.34M. It came back on 13 months later and is in escrow with asking price of $1.679M. It went almost immediately. When it closes we will know how much the y-o-y appreciation has been with a matched pair. It should be at least 25%. I dont know what else to say.[/quote]
Tagging onto post from a year ago to show how much things have changed in a year. Last year we were in a tough inventory costrained market and now we have about half what we had then.
New listings 17 (30) – grateful my clients got a hoem a couple weeks ago hasnt been anyting close since
New Pendings of 15 (32) – nothing to buy and we should see some crazy closings soon
Thats a +2 for the week.
Closed sales at 17
Inventory at 31 (53) with median of 2.35M ($1.99M)
The house that sold for $1.24M last year would sell for $2.5M In a heartbeat if owner had the money to put about $200K into a proper remodel. He’s plodding along doing a lot of work on the yard himself and with friends but its 2.2 easy today.
Every once in a while something closes that makes me stand up and take notice. A year ago $1.24M got you a 5/3 2700 sq ft house built in 1999 needing a 200k remodel and exterior clean up on one of the premier lots (13k flat an usable canyon lot with pool) in one of the premier neighborhoods around here. Today that would be 2.5 with remodel
