Mira Mesa Monitor

[sdrealtor]

Back to market data updates

New listings 4 (2) –

New Pendings of 6 (8)

Thats -2

Closed sales at 5(5)

Total houses for sale 11 (14) with median of $1.03M ($1.06M). There were 9 on the market 2 years ago with a 859K median.

This time last year the freeze up began. Inventory below last year and next week should be way under last year

[an]

Interesting how MM didn’t spike like the other areas but also didn’t have the big pullback either.

[sdrealtor]

New listings 1 (9) –

New Pendings of 3 (7)

Thats -2

Closed sales at 3(5)

Total houses for sale 9 (20) with median of $980k ($1.104M). There were 17 on the market 2 years ago with a 860K median.

Like I said last week we are now comparing to freeze up numbers. Inventory less than half last year

 

[sdrealtor]

New listings 4(8) –

New Pendings of 6 (11)

Thats -2

Closed sales at 6(10)

Total houses for sale 10 (22) with median of $1.033M ($1.088M). There were 16 on the market 2 years ago with a 885K median.

 

[sdrealtor]

New listings 4(13) –

New Pendings of 4 (12)

Thats 0

Closed sales at 4(6)

Total houses for sale 12 (27) with median of $965K ($1.1M). There were 14 on the market 2 years ago with a 825K median.

I dont know that this market could be anymore balanced. A 4/4/4 week and inventory basically flat for 2 months. Inventory got to  44 last July and I dont think we’ll see 20 this year. Stagnant City

[sdrealtor]

New listings 3 (5) –

New Pendings of 7 (5)

Thats -4

Closed sales at 0 (7)

Total houses for sale 10 (27) with median of $1.04M ($1.8M). No data point from 2 years ago, mustve been traveling

More of the same. Things are selling slowly but very little new listings coming on the market. Inventory over 60% below last year

[sdrealtor]

Ok these are starting to get astounding

New listings 2 (7) –

New Pendings of 6 (6)

Thats -4

Closed sales at 3 (5)

Total houses for sale 7 (29) with median of $1.04M ($1.08M same as last week that was a typo).

There were 18 on the market 2 years ago with a 825K median.

Rates popped way up last year in mid May.

Over the next 5 weeks 44 homes came on the market.

This year those same 5 weeks? There were 14

Inventory is down over 75% y-o-y and over 60% from 2 years ago. Astounding

[an]

To put this number into perspective, there are over 23k households and population of over 74k in Mira Mesa. To have only 7 houses for sale is pretty amazing. Especially in the start of summer.

[sdrealtor]

Sorry been busy

New listings 7 (9) –

New Pendings of 6 (3)

Thats +1

Closed sales at 6 (9)

Total houses for sale 10 (34) with median of $1.065M ($1.024M).

There were 20 on the market 2 years ago with a 850K median.

The market volume is basically half what it was historically.

[sdrealtor]

In late April I opined we likely wouldnt reach 20 houses on the market. We are close to the peak inventory season and not even close.

New listings 3 (9) –

New Pendings of 7 (9)

Thats -4

Closed sales at 5 (5)

Total houses for sale 8 (37) with median of $1.15M ($1.04M).

That is about 20% of what we had last year. Sure doesnt seem as though people are leaving

Mira Mesa is a neighborhood in San Diego with a population of about 70,000. Former local economist tells us SD is going downhill with residents and businesses fleeing. There are 8 single family homes for sale here

Saint George is town in Southwestern Utah with a population of about 100,000. Former local economist tells us its a boom town with SD residents flocking there. When I search Redfin for houses in St George I get 795 houses are on the market.

For the non-economist readers 795 is more than 8.

In the last day alone 9 came on the SG market. Inventory is piling up quickly there.

It seems they are anticipating a rather large flock. Maybe someone should tell them….

[mrkenneth]

What are your thoughts on all the new builds at 3Roots? Are buyers who are considering existing inventory in Mira Mesa also looking at 3Roots in “Sorrento Mesa”?

[sdrealtor]

Jut my opinion but I would think initially its a different buyer in a place like 3Roots. There is always a market for new wherever it is built. Now we are starting to see resales start hitting the market. Timing isn’t great now as we head into the seasonally of time of year but one already came and went into escrow. I think it could take a year or two for the resale market to establish itself. But I have no doubt it will and it will be strong. A whole new demographic has and will continue to come to MM via 3R. Over the next decade their kids will cycle through the schools and suddenly the schools will start flying up the prestige ladder. That and the prices the 3R homes sell for will help the surrounding MM community. In another decade it should be fairly common to see small homes in MM greatly expanded or torn down and replaced. Looking at everything going there and the location in the tech center and so close to UCSD I don’t see anything else that can happen.

[sdrealtor]

New listings 3 (10) –

New Pendings of 5 (4)

Thats -2

Closed sales at 7 (7)

Total houses for sale 7 (44) with median of $1.15M ($997K).

This week last year was peak inventory here at 44 and we are at only 7 today. Two years ago we had 25 with median of 855K

Inventory is down almost 85%! If people are leaving CA they sure as heck aint leaving MM

[sdrealtor]

New listings 5 (6) –

New Pendings of 4 (12)

Thats +1

Closed sales at 7 (5)

Total houses for sale 8 (37) with median of $1.125M ($995K).

There were 16 on the market 2 years ago with a 850K median.

Pendings are way down y-o-y this week but then again there is very little to buy so there’s that!

[sdrealtor]

New listings 2 (7) –

New Pendings of 3 (2)

Thats -1

Closed sales at 8 (2)

Total houses for sale 8 (40) with median of $1.25M ($937K).

There were 20 on the market 2 years ago with a 868K median.

The median is way up here and in NCC because the low and mid/low range is selling well while the higer priced homes are starting to pile up a bit.

Inventory is paltry

 

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