Back to my day job. ran numbers yesterday and owe you all an update. Thats Californian for y’all
New listings 8 –
New Pendings of 7 –
Thats +1 change
Closed sales at 12
Price reductions at 1.
Current inventory at 9 with median price of $799K
Slow and steady flow of inventory far below demand. BTW, I take back my statement some look to be pushing too hard. The house near the one I sold seems to be in escrow. Not only didnt they lower the price, they raised it! Its probably gonna sell for at least 150K more.
New Pendings of 11 – one off highest number this year
Thats -7 change
Closed sales at 5
Price reductions at 1.
Current inventory at 6 with median price of $799K
Inventory is not getting better. Demand is as strong as its been all year. We are heading into May which is one of our strongest months. Buyers gotta be shaking their heads hoping for some more inventory.
New Pendings of 8 – one off highest number this year
Thats -3 change
Closed sales at 7
Price reductions at 1.
Current inventory at 3 with median price of $765K
Inventory is really ONE! Two are currently working through multple offers. the one was listed too high and just reduced. There is basically no houses for sale in the newly rebranded Sorrento Mesa
Client closed here in December and had to deal with a $20k appraisal shortfall. Four months later there is a comp almost 25% higher within spitting distance. Astounding
[quote=sdrealtor]Client closed here in December and had to deal with a $20k appraisal shortfall. Four months later there is a comp almost 25% higher within spitting distance. Astounding[/quote]
That’s insane
Update time for week ended yesterday. If we are gonna see any inventory build it should start soon
New listings 11 – highest number this year and as expected. Bring on more inventory as we are a month away from school year ending
New Pendings of 4 – lowest number this year and as expected. there was nothing to buy last week
Thats +7 change
Closed sales at 4
Price reductions at 1.
Current inventory at 11 with median price of $800K. thats more than we have had in a long time. Not only more but nicer and bigger than we have seen in a while. Now will the market absorb it or will more pile on?
Glad to see seller push the limit to find out what the market price is. IMHO, for a buyer, it’s better this than a bidding war against 30 people and have to play chicken with a “Highest and best” offer.
Update time for week ended yesterday. Inventory is not building at least nmot yet
New listings 10 – nice to see that number stay up and hopefully this continues but really need more
New Pendings of 12 – bring more inventory online and it sells, imagine that? Market has no issue absorbing new listings
Thats -2 change
Closed sales at 6
Price reductions at 3.
Current inventory at 11 with median price of $849K. Its not building but at least held up. Sellers are taking notice of comps and asking prices on the rise. Lets see what happens this week
