While we are not at a bottom there is a possibility we are approaching one in certain parts of the county. In Mira Mesa, homes under $400,000 are getting absolutely pummled with offers. A colleague of mine has a couple in escrow and she said she had to compete with 10+ offers on each of them. Another colleague of mine has listings there and said that piles of offers are coming in with substantial down payments ranging from 20% to All Cash. Most of the listings are REO’s or short sales. There seems to be more able and willing buyers than sellers in that market.
Under 400K there are currently 65 in escrow and only 82 actives. Many of these actives are short sales with offers on them pending lender approval, so there is effectively more in escrow than on the market.
To the contrary, North County Coastal is frozen in a stand off with limited distress sales, sellers refusing to meet the market and very low sales volumes.
It pretty much goes ot show that all real estate is local.
