North County Coastal monitor

[sdrealtor]

Update time.

New listings 21 – lowest in a few weeks

New Pendings of 28 – still tilted toward sellers

Thats -5.

Closed sales at 17 –

Price reductions at 5.

Total houses for sale 73 with median of $2.1M. Down from last week but market continues to move towards more balance but no signs of weakness whatsoever.

[sdrealtor]

Update time.

New listings 23 – steady

New Pendings of 18 – bit of a slow down. Schools start in 2 weeks and people squeezing in last vacations. Should be quiet for a couple more weeks

Thats +5.

Closed sales at 16 –

Price reductions at 2.

Total houses for sale 91 with median of $1.995M. Inventory building a little again and high point for the year which is typical around now. Should grow for a few weeks than begin tapering off if history holds. Something to watch

[ncsd760]

sdr you were right at > 400k from fall 2020 for homes in the neighborhood.

https://www.redfin.com/CA/Encinitas/277-Raintree-Dr-92024/home/6538550

325k over list for a pretty considerable fixer.

[sdrealtor]

[quote=ncsd760]sdr you were right at > 400k from fall 2020 for homes in the neighborhood.

https://www.redfin.com/CA/Encinitas/277-Raintree-Dr-92024/home/6538550

325k over list for a pretty considerable fixer.[/quote]

Thanks and I thought 400k was on the low end. This house went pending 2 days short of one year ago today. If it was one the market now it would easily sell for 500-600k more. Wish she had stayed one more year.

https://www.redfin.com/CA/Carlsbad/7813-Via-Opuntia-92009/home/4083317?2093706699=no_custom_share_sheet&1280460695=control&600390594=copy_variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[flyer]

We have quite a few friends who hastily sold both investment and primary properties when COVID first hit, thinking everything, including real estate, was going to tank. Of course, they now have regrets.

We advised everyone we could to hang in there, and ride it out, as we did, which, thanks to forces known and unknown, turned out to be the correct move, but no one could have really known that then.

[gzz]

Flyer, a house is a good investment for free-spending middle class Americans because it is “forced savings.”

It’s also good for us panicky bears because it is a hassle to sell.

[sdrealtor]

Update time.

New listings 23 – steady

New Pendings of 34 – bit of a surprise in what is traditionally a very slow time of year. Market continues to stride along

Thats -11!

Closed sales at 24 –

Price reductions at 9 – If you shot to high with your initial asking price its obvious now

Total houses for sale 86 with median of $1.995M. Inventory dipped back down. Market is very solid. The high end market here continues to astound with closings above $2M pretty much a daily occurence. What was once a very small niche is quickly being normalized

[flyer]

Agree, gzz, but I was referring to some of the people we know who, with extensive real estate holdings, jumped the gun and sold in the last year or so, due to their concerns about COVID, and how it would effect the economy. They’re still doing fine, but regret that that could have done even better, had they waited to sell, or not sold at all. We, and a few others we know, took a calculated risk, held, and now, in retrospect, are very glad we did. There was no precedent or playbook for the way things developed, so it all could have gone either way.

[ncsd760]

I always hated that floorplan but you’re definitely right. Ironically we looked at the house on the corner of Opuntia maybe 7 years ago. Those are huge lots.

I thought the weird front-facing split garage looked so dated and then they tried it again in the Oaks with one of the more midsize plans…forget which neighborhood…Standard Pacific maybe.

[sdrealtor]

[quote=ncsd760]I always hated that floorplan but you’re definitely right. Ironically we looked at the house on the corner of Opuntia maybe 7 years ago. Those are huge lots.

I thought the weird front-facing split garage looked so dated and then they tried it again in the Oaks with one of the more midsize plans…forget which neighborhood…Standard Pacific maybe.[/quote]

The houses on that side of Opuntia have big, flat, west facing yards. I’d put them in the top 10% of lots here. The folks that bought it are finishing up a major redo of the yard. I’m sure it’s gonna be great

Know the folks who used to live on that corner. He was from my hometown. She’s now the interim superintendent of schools. Both great people they moved to a new home in LCOs

Split garages in LCO are in the new SP neighborhood. You have a good memory

[sdrealtor]

Sorry for delay, just back from quick getaway.

New listings 17 – among the lowest counts this year

New Pendings of 28 – butr demand keeps chugging along

Thats -11!

Closed sales at 25 –

Price reductions at 6 – If you shot to high with your initial asking price its obvious now

Total houses for sale 64 with median of $1.965M.

Noticed a bunch of homes that had been on market a while going into escrow. Sometimes the only thing that will get sellers to the price price is sitting on the market for a bit.

This has been a market this year where most homes sell in the first week +/- a few days. In the last 10 days, 36 homes sold that had been on the market for 10 days or more which is an amazing market clearning development. These sellers either adjusted expectations or the market came up to meet them. Even the 1 story on Fulvia went pending this week. Im gonna follow these to see if they took less than asking or the market came up to meet their price. Will know in 4 to 6 weeks and will post results.

Inventory dropped way down

[sdrealtor]

Last 4 closed sales in the hood. Two from Bay Area, One from LA and one from OC. The great migration South continues

[an]

[quote=sdrealtor]Last 4 closed sales in the hood. Two from Bay Area, One from LA and one from OC. The great migration South continues[/quote]
This also explain crazy rent increases. Thank you out of towners.

[flyer]

Have never seen a market like this in all of our years in real estate. Wherever they’re coming from–gotta love ’em. Even with the downturns over the years, buy-and-hold has definitely proven to be a smart play.

[sdrealtor]

New listings 19 – slow but steady flow though seems skewed to high end

New Pendings of 31 – demand keeps chugging along

Thats -13!

Closed sales at 28 –

Price reductions at 4 – If you shot to high with your initial asking price its obvious now

Total houses for sale 68 with median of $1.995M.

It just struck me that a median around $2M means that half the houses on the market are listed for $2M+. Thats crazy town. Lowest priced SFR is now $1.1M. While we could see sub $1M sales on some homes the market under $1M is essentially gone now

Still seeing price records fall though frenzy has slowed. Stopped by an open in my hood last week and it was very busy with nearly all potential buyers from up north.

If you told me that SD County could increase 20% next year I d say no way. If you told me that NCC would Id say, sure seems possible. So much money seems to flowing in here.

Still too early to check in on the long market time escrows to see if price came to them or they lowered expectations.

[Author]

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