Mira Mesa Monitor

[sdrealtor]

Update time. Its not getting beter.

New listings 6 – coming on slowly, send more!

New Pendings of 4 – as expected wasnt much to buy

Thats +2

Closed sales at 6

Price reductions at 1. Zzzzzzz….

Current inventory at 13 with median price of $760K. Back to a more typical median price

[sdrealtor]

Update time. Its not getting better here either.

New listings 8 –

New Pendings of 12 –

Thats -4

Closed sales at 9

Price reductions at 2. A couple aimed too high

Current inventory at 10 with median price of $770K. Back to a more typical median price

MM should see a $1M sale this year. Getting closer. Wouldnt be surprised to see the standard 3/2 1300ish SF homes hit 800K

[carlsbadworker]

[quote=sdrealtor]MM should see a $1M sale this year. Getting closer. Wouldnt be surprised to see the standard 3/2 1300ish SF homes hit 800K[/quote]

That would be a hell of a ride. Have you factored in that mortgage rate might be higher this year? New stimulus, inflation concerns, a brighter covid outlook…

[sdrealtor]

Update time. Its only getting worse

New listings 5 –

New Pendings of 12 –

Thats -7

Closed sales at 7

Price reductions at 0. h

Current inventory at 5 with median price of $750K. Back to a more typical median price

One of the bigger Pardee homes in SW MM closed for $965K on cul de sac canyon lot. Was never on market and private sale without much details. If it had hit open market it wouldve gone for $1M. Im confident of that. We basically are at $1M for those now. A 3/2 1400 sf closed for $791K. Basically knocking on door of 800K also.

[sdrealtor]

Update time. More of the same

New listings 6 –

New Pendings of 6 –

Thats 0

Closed sales at 3

Price reductions at 0.

Current inventory at 7 with median price of $770K. All are on a week or less and likely in process of negotiating a final deal with multple buyers

Ran into one of the old time MM agents this weekend. Ran into him last in the Fall while househunting with clients that got in late last year. Asked him how tough it was and he said much tougher than even a few months ago.

One interesting phenomena is low inventory not only can push prices up but it can also hold them down. We need a string of closed sales for prices to march upward. Looking at the 3 closed sales the last week, 2 were put together by agents that never had the house on the open market. Both agents put a buyer into the house off market at prices I’d consider below market. One was a good $50K below market IMHO. Seller was a real estate licensee who shouldve wanted it on the market but maybe they their reason. The other is hard to say how low it was and might not have been. But without full market exposure its tough to say it couldnt have gone for more. Seller was related to agent also.

Both of these could have pulled comps up higher

[sdrealtor]

Update time. Next level has arrived

New listings 5 –

New Pendings of 8 –

Thats -3

Closed sales at 8

Price reductions at 0.

Current inventory at 6 with median price of $762K

So why are we next level? Last Fall I was out shopping with clients and homes were going 25 to 50K over asking. One month ago I asked if we’d see $800K for the typical 3/2 1300 sq ft home in MM this year. Last week I mentioned we would need a string of sales at much higher prices to march upward.

Yesterday 2 houses closed for $825K and $840K! Both were about $100K over asking.

Less homes are hitting the market each week with more buyers climbing over each other just to get a chance to see them. There is no reason a decent 3/2 put on the market going forward should close much below $800K. The next notable milestone will be a typical 2 story 2000ish SQ FT home breaching $1M. We just need one to hit the market and should achieve that.

[sdrealtor]

Welcome to broken record Tuesday.

New listings 5 –

New Pendings of 9 –

Thats -4

Closed sales at 7

Price reductions at 0.

Current inventory at 6 with median price of $727K

Nothing more to say. A slight skew toward some smaller homes coming on market which is pulling down median but really just noise in the data. No real change

[sdrealtor]

Back again

New listings 5 –

New Pendings of 5 –

Thats 0 change

Closed sales at 10

Price reductions at 0.

Current inventory at 7 with median price of $825K

I opined ealier this year we should hit 800K soon for the standard 3/2 house here. Looking at recent closings we didnt really hit it so much as skipped over it. Near the end of last year those homes were 730 to 770K. I know, I sold one to a client. Now they are closing between 800 and 850. If there was a time they sold in the high 700’s I missed it by blinking

[Coronita]

Lizards moving upscale and are now “Les Lizardos” !!!

The up and coming Beverly Lizardo Hills 92126!!!

[an]

Mo walls mo $$

[sdrealtor]

Gridlocked nirvana!

[an]

With unbearable HEAT!

[Coronita]

Pretty soon, streets in MM will be gentrified and renamed to things like

Rue De Le Lizardo

[sdrealtor]

Update time

New listings 7 –

New Pendings of 8 –

Thats -1 change

Closed sales at 4

Price reductions at 0.

Current inventory at 7 with median price of $829K

A couple thoughts. There’s a house on Clauser street. I think its gonna be the first to crack the $1M mark. Expanded house on bigger than most lot on cul de sac with view. If it doesnt someone didnt do their job. I think it should go closer to 1.1 than 1M.

Looking at recent listings, some look to me to be pushing price too much. One listed near the home I sold late last year almost $150K more than my clients. I think thats too much. They shouldve started much lowert and let the market figure out the right price. Its been on the market almost a week and not in escrow which can only mean price is too high

[gzz]

Rue de les Lézards!

Not to be confused with Lazard Frères.

[Author]

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