market inventory direction

[moneymaker]

Looks to me like inventory is heading back up after bottoming in January, at least in my zip code according to sdlookup.com. This does not bode well for the real estate market. Doesn’t matter to me as I’m not selling but I have noticed more homes for sale while driving around lately.

[UCGal]

Doesn’t inventory normally go up in the spring for summer sales?

People don’t want to list around Christmas – it’s the slow season.

I could be wrong.

[livinincali]

Should be more listings and more sales during the spring. Inventory going up means there’s probably too many overpriced homes for sale.

[spdrun]

It bodes very well, depending on what you’re intending to do 😉

[Coronita]

What inventory?

http://www.redfin.com/zipcode/92126/real-estate#!v=8&sst=&region_id=38125&region_type=2&market=socal

Just take a look at the 1/1’s…..
You have a total of 9 units for sale

You have the 525 sqft POS sitting at $170k…Lol…
http://www.redfin.com/CA/San-Diego/10260-Black-Mountain-Rd-92126/unit-131/home/4855423

…Or you have the slightly less POS but still POS one that is listed at $175k
http://www.redfin.com/CA/San-Diego/9522-Carroll-Canyon-Rd-92126/unit-120/home/4855546

…Or you can slightly upgrade to barely above POS quality one for $189k
http://www.redfin.com/CA/San-Diego/8449-Westmore-Rd-92126/unit-68/home/4573926

…Or you can go all out and get an average one that isn’t a POS for around $200k….

http://www.redfin.com/CA/San-Diego/8476-New-Salem-St-92126/unit-74/home/4574263
http://www.redfin.com/CA/San-Diego/8355-Westmore-Rd-92126/unit-25/home/4571422
http://www.redfin.com/CA/San-Diego/8656-New-Salem-St-92126/unit-55/home/4577061
http://www.redfin.com/CA/San-Diego/10774-Dabney-Dr-92126/unit-21/home/4590469
http://www.redfin.com/CA/San-Diego/9730-Mesa-Springs-Way-92126/unit-22/home/4859559

[Coronita]

[quote=flu]What inventory?

http://www.redfin.com/zipcode/92126/real-estate#!v=8&sst=&region_id=38125&region_type=2&market=socal

Just take a look at the 1/1’s…..
You have a total of 9 units for sale

You have the 525 sqft POS sitting at $170k…Lol…
http://www.redfin.com/CA/San-Diego/10260-Black-Mountain-Rd-92126/unit-131/home/4855423

…Or you have the slightly less POS but still POS one that is listed at $175k
http://www.redfin.com/CA/San-Diego/9522-Carroll-Canyon-Rd-92126/unit-120/home/4855546

…Or you can slightly upgrade to barely above POS quality one for $189k
http://www.redfin.com/CA/San-Diego/8449-Westmore-Rd-92126/unit-68/home/4573926

…Or you can go all out and get an average one that isn’t a POS for around $200k….

http://www.redfin.com/CA/San-Diego/8476-New-Salem-St-92126/unit-74/home/4574263
http://www.redfin.com/CA/San-Diego/8355-Westmore-Rd-92126/unit-25/home/4571422
http://www.redfin.com/CA/San-Diego/8656-New-Salem-St-92126/unit-55/home/4577061
http://www.redfin.com/CA/San-Diego/10774-Dabney-Dr-92126/unit-21/home/4590469
http://www.redfin.com/CA/San-Diego/9730-Mesa-Springs-Way-92126/unit-22/home/4859559%5B/quote%5D

2/2’s mind you are now in the 300’s now…

[spdrun]

The $170k unit looks decent, probably will need a new A/C and common charges are a bit high (should be closer to $200 or $250). Note that it hasn’t actually sold and has gone back on market, 50 days since first listing. Maybe it will eventually sell for $150k or $160k.

Not to different from what I bought, but mine is in a less “nice” area.

[Coronita]

[quote=spdrun]The $170k unit looks decent, probably will need a new A/C and common charges are a bit high (should be closer to $200 or $250). Note that it hasn’t actually sold and has gone back on market, 50 days since first listing. Maybe it will eventually sell for $150k or $160k.

Not to different from what I bought, but mine is in a less “nice” area.[/quote]

East side of MM…Near I-15. Studio.. Won’t rent for more than $1100/month maybe…Most techie workers probably wouldn’t be looking there….You’d get the leftover crappy renters in MM which you probably dont want to deal with…..

[moneymaker]

[quote=flu]What inventory?

http://www.redfin.com/zipcode/92126/real-estate#!v=8&sst=&region_id=38125&region_type=2&market=socal

Well in 91926 there were 87 units in inventory on 1/01/2014 now there are 98, that’s over 10% increase in inventory.

[The-Shoveler]

Maybe a 10 or even 20 % increase but I think the level is still very low compared to is say a 20 year average.

I think the biggest issue is “lack of new homes”

Takes a long time to start a project from full stop.

[Coronita]

[quote=moneymaker][quote=flu]What inventory?

http://www.redfin.com/zipcode/92126/real-estate#!v=8&sst=&region_id=38125&region_type=2&market=socal

Well in 91926 there were 87 units in inventory on 1/01/2014 now there are 98, that’s over 10% increase in inventory.[/quote]

Edit..
I’m counting 99 in 92126 right now… And that includes 3 on the east side that are mobile homes… Lol….

That’s the inventory back in Jan 2014….

It’s been pretty much flat in April..neither up or down..

[Coronita]

Also, not sure how accurate these charts are, but…

http://www.deptofnumbers.com/asking-prices/california/san-diego/

[The-Shoveler]

10% more than almost nothing is still mostly almost nothing.

[an]

In 92126, there are currently only 36 SFR for sale that’s active. In the South West quadrant, there are 5 and the North West quadrant is 13. So, if you only consider the west side of Mira Mesa, you only have 18 SFR to choose from. Now, if you must have 3 bathroom, you have a grand total of 1 to choose from in the SW and 3 in the MW.

[CA renter]

[quote=UCGal]Doesn’t inventory normally go up in the spring for summer sales?

People don’t want to list around Christmas – it’s the slow season.

I could be wrong.[/quote]

No, you’re not wrong. Inventory is usually lowest in the winter, then usually grows rather strongly in Feb/March, then can grow even more as people list at unusually high prices…and then sit through the summer. In the fall, these overpriced homes will usually be taken off the market until the next year, or the sellers grow wiser and relist/adjust the price to a level that will sell.

Early spring tends to be the best season to list and sell.

In our neck of the woods, there have been more listings, but they are also selling if priced right, so not much of an effect on overall inventory levels. There is still very little inventory around here.

[Author]

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