[quote=sdrealtor]Well the market is sizzling hot in MM these days. On a thread a while back AN and I were trying to explain how hot it has become. Another poster questioned this saying houses rarely sold at or above asking prices. I tired to explain that the data was always a few months old and that what was going on would soon be clear. Well here are. There is virtually nothing on the market there and homes are selling quickly with piles of offers but here is the real proof.
Here are the 40 closed SFR sales in the last 30 days for MM.
Asking price (or within $5K)- 14
Below asking price by $5K or more – 11
Above asking price – 15
75% closing at or above asking price with above being the most prevalent.[/quote]
Maybe you have special access to some tools that I don’t have. But here’s what I could find on Redfin. The first one is set to limit the search within my targeted sub-market and the second I relaxed all constraints except for the SFR.
# Sold below OLP: 24/37 (64.86%)
# Sold above OLP: 12/37 (32.43%)
# Sold at OLP: 1/37 (2.7%)
It hardly supports your claim of of MM being on fire – at least it doesn’t fit my definition of a housing market being on fire. For the last few weeks I actually thought prices in MM starting to move up until I saw what came out this week. I wouldn’t say a 4/2 or 3/2 listed for $329K in MM would define a market that is on fire. Considering how low the supply is you would think there would be a bidding war, but you’re not seeing that do you? The fact that the majority of the people are still able to buy below asking with a low supply should say a lot about market conditions.
I’ll let the data speaks for itself and the folks on this forum to decide for themselves whether or not “MM is on fire”.
