Mira Mesa Monitor

[sdrealtor]

I usually run numbers in afternoon so sorry for the break from that but Ive got time

New listings 8 (4) –

New Pendings of 3 (3)

Thats +5

Closed sales at 1 (5)

Total houses for sale 14 (27) with median of $1.025M (945K).

There were 17 on the market 2 years ago with a 900K median

The 8 new listings were a big number for this time of year and I went digging. I found something that Im gonna make an early call on at least in MM.

Of the 8 new listings, 7 of them were owned 20+ years by the seller or their heirs. The one that wasnt was a flip bought a month ago from the heirs of a long time owner.

Welcome to the Boomer Liquidation! It has begun here.

As long as Ive been doing this I have learned that when the market data is telling me something I should listen the first time. Im listening now.

Whether its a trickle or a flow is TBD. Whether it will impact pricing? Unknown. But its good news for MM. There are too many rundown homes that need to change hands for the area to continue gentrifying. This seems to be the beginning of a notable shift up in boomer liquidations. Party on!

[sdrealtor]

Last week

New listings 2 (7) –

New Pendings of 6 (7)

Thats -4

Closed sales at 3 (2)

Total houses for sale 12 (31) with median of $1.075M (957K).

There were 18 on the market 2 years ago with a 857K median

Gonna keep watching for evidence of a boomer liquidation but for now we should be heading into the seasonal slow down and it began this week. Shouldnt see much in the way of new listings while active inventory dwindles through sales and sellers taking a holiday break through the year end

[sdrealtor]

Last week

New listings 2 (1) –

New Pendings of 5 (7)

Thats -3

Closed sales at 5 (3)

Total houses for sale 12 (24) with median of $1.06M (999K).

Seasonal slowdown has begun and should continue. Inventory should drift down as we head to year end

There were 14 on the market 2 years ago with a 950K media. This was when things under 900 became a bargain and the median spiked above 900K never to return

 

[sdrealtor]

Ive got 3 weeks data to catch up. Might as well do it all in one post. Hope the format works for anyone trying to follow it. I’ll start with 3 weeks ago and go forward from there

New Listings

3 (3)

1 (1)

6 (2)

New Pendings

3 (2)

1 (3)

5 (2)

Thats

0

0

+1

So small data set but seems very much like last year in terms of balance

Closed Sales

8 (6)

4 (7)

8 (6)

Same as last year again

Total houses for sale with median of :

10 (23)  median of 1.017M (984K)

6  (22) median of 1.017M (999K)

8 (18)   median of 1.087M (999K)

Overall the story is similar action as last year but with a lot less inventory on the market. That seems likely to persist

 

 

[sdrealtor]

Two weeks ago

New listings 3 (1) –

New Pendings of 2 (2)

Thats +1

Closed sales at 4 (7)

Total houses for sale 7 (17) with median of $1.125M (999K).

Seasonal slowdown continues.

There were 5 on the market 2 years ago with a 959K media.

We are where we were 2 years ago heading into next year with ultra low inventory. Difference is we dont have ultra low rates this time. Nonetheless its looking like next year will be another low inventory and low volume year.

 

[sdrealtor]

Last week

New listings 2 (1) –

New Pendings of 6 (2)

Thats -4

Closed sales at 4 (2)

Total houses for sale 7 (15) with median of $1.06M (1M).

There were 3 on the market 2 years ago with a 935K media.

I think we start next year with 5 or less homes on the market. The flippers are armed and ready with war chest profits from last few years. There is a healthy appetite for nicely remodeled homes here between 1 and 1.2M at current rates. Wait until they drop some more. The gentrification of MM will continue in full swing this year

[sdrealtor]

Catch up time. This is for week before Christmas

New listings 1 (1) –

New Pendings of 7 (5)

Thats -6

Closed sales at 1 (2)

Total houses for sale 3 (9) with median of $1.2M (1M).

There were 2 on the market 2 years ago.

Looks like I was on the right track as inventory is almost gone here. MM is on the upswing and once we start seeing 3Rs resales hit the market in another year or so it should pick up speed. Lots of places around town need to let the market catch up with current price levels but not here. It would not surprise me to see MM as one of the appreciation bright spots in SD this year.

[sdrealtor]

This is how we ended the year and the start 2024

New listings 2 (0) –

New Pendings of 1 (1)

Thats +1

Closed sales at 3 (1)

Total houses for sale 4 (13) with median of $1.24M (1M).

There were 2 on the market 2 years ago.

MM has been on a gentrification push a few years now. Ive long believed gentrification takes a while for enough homes to be fixed up enough to really impact the market. neighbors need to see other neighbors enjoying their remodeled homes and be confident the values will support it. Rates need to be such that those with little to no mortgage will refi out cash for a full remodel. I think we are at or about to hit that point. MM has a very bright future and I see it accelerating its gentrification. It should be unrecognizable in 5 years.

[sdrealtor]

New listings 9 (1) –

New Pendings of 6 (2)

Thats +3

Closed sales at 2 (4)

Total houses for sale 5 (14) with median of $1.15M (1.03M). There were 4 on the market 2 years ago.

We got a nice big boost on new inventory. Most of it is from flippers who bought during Fall when prices were subdued and want to get ahead of the market in case new listings start to flood. As unlikely as that is they need to keep their money moving as they are paying hard money rates and want to find their next project.

We are still starting way below last year with lower rates

[sdrealtor]

Week 2 of January

New listings 6 (3) –

New Pendings of 4 (5)

Thats +2

Closed sales at 1 (1)

Total houses for sale 9 (11) with median of $1.09M (1.035M). There were 2 on the market 2 years ago.

Another solid week for new inventory. Still behind last years count but catching up

[sdrealtor]

Last week (3rd week of Jan) all caught up!

New listings 4 (2) –

New Pendings of 6 (5)

Thats -2

Closed sales at 4 (5)

Total houses for sale 8 (7) with median of $1.08M (1.0M). There were 2 on the market 2 years ago.

Another decent week of new inventory but things are selling here as fast as they are coming on the market. Any decent updated house in MM is now $1M+. Houses below that get snapped up mostly by flippers. This is a healthy market that continues on its path of gentrification we’ve been watching the last few years.

 

 

 

[sdrealtor]

Last week (4th week of Jan)

New listings 3 (5) –

New Pendings of 6 (2)

Thats -3

Closed sales at 6 (6)

Total houses for sale 5 (11) with median of $1.1M (960k). There were 4 on the market 2 years ago.

This is not just a healthy market it is a red hot market. Houses are selling quicker than they are being listed and inventory is dropping. This should be a good year for values here

[sdrealtor]

Week 1 of Feb

New listings 3 (3) –

New Pendings of 4 (7)

Thats -1

Closed sales at 6 (2)

Total houses for sale 3 (10) with median of $1.114M (995k). There were 7 on the market 2 years ago and 13 in 2021.

Did I say this was a red hot market last week? Yeah I thought so

[an]

I’ve been following this market for 2 decades and the only time I see 3 houses for sale is the week of Christmas.  Never seen anything like this in February.

[sdrealtor]

Soory didnt post last week. Double post coming

Week 2 of Feb

New listings 3 (3) –

New Pendings of 6 (4)

Thats -3

Closed sales at 2 (4)

Total houses for sale 2 (11) with median of $995K (1M). There were 7 on the market 2 years ago and 10 in 2021.

Red hot market here

[Author]

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