Short sales 2,021 up from 1,916 last week! Happy 2K day!
Total SD County Listings 16,796 another relatively small climb from 16,534 last week. Inventory really has to start climbing soon or prices will not be pressured anywhere near the amount they were last year.
Quick update on NC Coastal. Active listings climbed about 3% (443 to 460) and pendings (in escrow) are down about 10% (185 to 168). The decline in pendings is likely due to alot of closings on Friday as we are near the EOM.
Here’s the real story along the NCC. This time last year inventory was about 20% higher than it is today and pendings are very consistent with last year. I ran the numbers again to make sure the statistics glitch was skewing these numbers and the impact was nil. This weekend, I saw a bunch of homes go pending with asking prices that seemed quite high. While they probably didnt sell at those prices, they likely sold much higher than I would have guessed 30 to 60 days ago because there is very little on the market. If you are looking for a nice 4BR house in a good area, good luck. I’m not talking about something fancy but rather your basic 4BR house with 2500 sq ft built in the last 20 years. Not much in the way of real discernable weakness here along the coast.
One last thought. If there is a hotter market in SD than Carmel Valley (92130), I’d like to know where. I started tracking SFR inventory there last August. On August 15, 2006 the inventory was double what it is today and the pendings were about half. Anyone waitng for a collapse in prices there should look into getting a nice comfortable chair cause its gonna take a while if at all.
