Mira Mesa Monitor

[sdrealtor]

New listings 2 (4) – no one leaving unless in a pine box

New Pendings of 7 (9) – under $1M and it is gonna sell

Thats -5

Closed sales at 2 (5)

Total houses for sale 7 (3) with median of $1.11M ($1.15M). There were 7 on the market 2 years ago with a 825K median.

Only one house below $1M now and it has tenants that leave at end of month so that will change things for them. Will be interesting to see what sells this week as its all above $1M

[Rich Toscano]

Thanks for continuing to provide these area-level snapshots. Interesting stuff… looks like sellers are continuing to win the “standoff”!

[an]

I’ve been following MM area for the last 2 decades and for the longest time, MM’s median has been around the same as San Diego City’s median. However, over the last few years (maybe when 3Roots start building and COVID), the MM median has been pulling away from the City wide median. Also, compare to Clairemont, in the 2000s and 2010s, Clairemont (excluding BayPark/BayHo) median and similar house for house was about 10-20% higher than MM. However, now, they’re closer to parity with Clairemont still having the edge, but not 10-20% edge like it was.

[sdrealtor]

Yup that is what is happening. There are a lot fewer buyers but even fewer sellers. If we suddenly got an onslaught of listings the market would struggle a lot, but that isn’t happening. I just checked and one new listing up in NCC today. Another former resident’s estate is selling. That’s pretty much the market

[sdrealtor]

Someone finally recognized MM was La Jolla adjacent

[sdrealtor]

New listings 2 (2) – no one leaving

New Pendings of 2 (2) – under $1M and it is gonna sell

Thats 0

Closed sales at 7 (4)

Total houses for sale 9 (5) with median of $1.075M ($999k). There were 7 on the market 2 years ago with a 829K median.

A few thoughts.

I looked at the closed sales and they are almost all below $1M and nearly all closed above asking. Homes priced below $900K get multiple offers in almost every case now. Thats setting a floor here in the mid 800’s

The active inventory is mostly $1M plus homes that have been sitting. There is a market above $1M here but it is discerning

Inventory really jumped last May as it usually does. There is a good chance we wont this year and that inventory in the second half of the year will be lower than last year. That would prevent further significant declines. I still think we should get some and that this Fall will be the nominal bottom. But the data is starting to say it may already be in in and that i may have been too pessimistic

[sdrealtor]

Some data to chew on 4 weeks of March data

2021

New listings 22
Pendings 30
Closed 29

2022

New listings 20
Pendings 24
Closed 26

2023

New listings 11
Pendings 17
Closed 23

This shows the magnitude of the drop off in new listings pretty clearly. All things considered in the face of high rates and low inventory coming on the market the pending and sales counts are holding up pretty well

• This reply was modified 1 year, 9 months ago by sdrealtor.

[sdrealtor]

New listings 7 (4) – new listings are all FDR (Flips, Deaths, Relocation). Highest count since November and what we should be getting if not more

New Pendings of 3 (5) –

Thats +4

Closed sales at 6 (8)

Total houses for sale 12 (4) with median of $1.05M ($1.18k). There were 9 on the market 2 years ago with a 799K median.

A bunch of the new listings are nicely done flips around or above the $1M mark. Next week or so will be a good test of demand. There are some nice places available albeit at current pricing

• This reply was modified 1 year, 9 months ago by sdrealtor.

[sdrealtor]

New listings 7 (9) –
New Pendings of 10 (6)
Thats -3
Closed sales at 3 (6)

Total houses for sale 9 (9) with median of $975K ($1M). There were 10 on the market 2 years ago with a 782K median

I said this week would be a good test of demand with some good inventory available around $1M. Demand answered affirmatively! Double digit pendings for first time since last Summer. This market is doing just fine here. Inventory is back to last Spring level and looks like its going nowhere. Last Summer it reached 4X what it is now and I dont see that happening again this Summer

• This reply was modified 1 year, 8 months ago by sdrealtor.

[sdrealtor]

New listings 3 (1) –

New Pendings of 7 (8)

Thats -4

Closed sales at 2 (7)

Total houses for sale 7 (5) with median of $1.11M ($1M). There were 6 on the market 2 years ago with a 799K median

A little light on listings but too soon to call it a change here. Just chugging along though inventory has been declining

[sdrealtor]

New listings 4 (7) –

New Pendings of 4 (7)

Thats 0

Closed sales at 3 (8)

Total houses for sale 10 (11) with median of $1.05M ($997K). There were 3 on the market 2 years ago with a 765K median. That was the low point before inventory started building quickly then also

Inventory is now below last year and I expect that to persist the rest of the year down here. This is when inventory spiked last year. It got as high as 44 in Mid July. Id be mildly surprised to see us reach 25. Getting to 20 even seems unlikely.

[sdrealtor]

I went back and looked at April totals this year vs last and they are almost identical counts of new listings and pendings. Get ready for that to start changing big time

[sdrealtor]

New listings 5 (10) –

New Pendings of 5 (4)

Thats 0

Closed sales at 4 (2)

Total houses for sale 12 (19) with median of $1.05M ($974K). There were 11 on the market 2 years ago with a 800K median.

Last year we got a surge of inventory to start May but not this year. Id expect inventory to be below last year for the rest of the year. This market is balancing out

[sdrealtor]

New listings 4 (7) –

New Pendings of 4 (11)

Thats 0

Closed sales at 3 (5)

Total houses for sale 12 (19) with median of $999k ($999K). There were 11 on the market 2 years ago with a 849K median.

Heading into the time of year where things started freezing up with interest rate surge last year.

Inventory now well below last year and expect that to persist this year

[JPJones]

And unemployment went down again!  I still think it’s a terrible time to try and buy, but man, I figured we’d be in at least a mild recession by now with unemployment ticking significantly upward.  Maybe someone savvy than me can try to explain what’s going on.  I’m at a loss, but to be honest, I’m pretty happy to wrong on this one.

[Author]

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