- This topic has 827 replies, 38 voices, and was last updated 5 months, 3 weeks ago by sdrealtor.
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February 26, 2023 at 8:41 PM #901847February 26, 2023 at 8:43 PM #901849sdrealtorParticipant
Inventory still falling not rsing
March 1, 2023 at 10:42 AM #901912sdrealtorParticipantNew listings 8 (17) – back down it goes
New Pendings of 19 (15) – demand is rising
Thats +2
Closed sales at 9 (17)
Total houses for sale 49 (31) with median of $2.5M ($2.35M). Two years ago there were 53 on the market with a median around $2M.
This week 2 years ago we got 30 new listings. This week we got 8. It feels like sellers are digging in even deeper. Houses coming on the market are very skewed toward someone died or someone is leaving the area.
Looking at went pending this past week Im seeing houses that had languished on the market for a long time selling. Houses on the market 60+, 90+, 180+ days and even some that have been on the market for over a year if not years. The inventory is that thin right now
March 1, 2023 at 10:43 AM #901913sdrealtorParticipantLets compare Feb activity to past Feb in 2021 and 2022
2021
New Listings 116
New Pendings 1382022
New Listings 48
New Pendings 642023
New Listings 34
New Pendings 60I think this gives some persepctive to how hunkered down people are around here.
March 7, 2023 at 6:29 PM #901948sdrealtorParticipantUpdate time w/ last year in parentheses
New listings 15 (16) – we got more but did we? Almost all $2M+
New Pendings of 16 (25) – demand is steady but clearly not last year
Thats -1
Closed sales at 16 (21)
Total houses for sale 49 (25) with median of $2.388M ($2.35M). Two years ago there were 59 on the market with a median around $2M.
Looking at what is on the market the pickings below $2M are very slim. Most of what is there has been languishing unsold due to being priced too high or just undesireable (location or condition). A low pending count this week ahead would not surprise
March 12, 2023 at 12:48 PM #902027HoneybadgerParticipantThanks sdrealtor for your regular updates! The data and especially your commentary are very helpful.
March 14, 2023 at 4:51 PM #902041sdrealtorParticipantNew listings 11 (18) – ytd we’ve been running around 30% below last year. It could be this way for a while
New Pendings of 14 (19) – 5 were above $3M (3 were above $5M and 1 was above $7M). High end was active!
Thats -3
Closed sales at 17 (22)
Total houses for sale 51 (31) with median of $2.195M ($1.985M). Two years ago there were 52 on the market with a median around $2M.
While still very limited we have better offerings below $2M than we’ve had in a while. Could be a decent week ahead as we head into Spring
March 21, 2023 at 5:58 PM #902049sdrealtorParticipantNew listings 12 (19) – still running around 30% below last year. It could be this way for a while
New Pendings of 15 (25) – 4 were above $3M. High end active!
Thats -3
Closed sales at 12 (18)
Total houses for sale 46 (29) with median of $2.344M ($2.3M). Two years ago there were 49 on the market with a median around $1.71M.
Having better offerings below $2M helped this week.
I remember years back unsuccessfully trying to convince CA Renter that this place had fundamentally changed. That it had left its working class roots far behind and was on its way to being San Diego’s Newport Beach. I think today even she would have a tough time disputing this
I just see no way we re-visit pre-pandemic pricing.
With the inventory as tight as it is, rates as high as they are and uncertainty in the economy Id imagine the rental market is insanely hot up here also. May have to look into that with some that might know better
March 22, 2023 at 12:37 PM #902055sdrealtorParticipantToday is broker caravan day. In years past the broker caravan tour around this time of year would have 25 to 40 homes to go see.
Today?
One!
Let that sink in. One
March 23, 2023 at 2:44 PM #902056barnaby33ParticipantShort and sweet! How was it?
JoshMarch 24, 2023 at 9:51 AM #902057sdrealtorParticipantI only go to talk to other agents to get a gauge on the market so not worth the time unless there is a few. In 2 weeks I expect inventory will be down here over last year. That’s astonishing
- This reply was modified 1 year, 8 months ago by sdrealtor.
March 28, 2023 at 1:03 PM #902062sdrealtorParticipantNew listings 13 (17) – well below last year but only 20% below. mild improvement
New Pendings of 12 (25) – chugging along
Thats +1
Closed sales at 17 (21)
Total houses for sale 45 (27) with median of $2.3M ($2.3M). Two years ago there were 57 on the market with a median around $1.9M.
Inventory started increasing in April last year. Hopefully it does this year also. I could see inventory being down y-o-y in mid April and expect it to be in Mid-May
- This reply was modified 1 year, 7 months ago by sdrealtor.
March 28, 2023 at 1:17 PM #902064sdrealtorParticipantSome data to chew on 4 weeks of March data
2021
New listings 103
Pendings 141
Closed 942022
New listings 70
Pendings 94
Closed 822023
New listings 51
Pendings 57
Closed 52The drop off in new listings is astounding here. Half of what we had 2 years ago! The drop in pendings is even more astounding!
I take a few things away from that.
There is much less coming on the market this year. Sellers are digging in and not moving around. The market is mostly estates and people leaving the area. The move up/move down/move around town market is anemic this year.
The lack of new inventory is limiting sales. Pendings are much lower and its gotta be putting a big hurt on a lot of agents around here. The ranks will continue to thin out
Prices are holding up pretty well because of low inventory. If there was a flood we’d be in trouble.
I dont expect a flood but we should get a fair amount more. That should put pressure on prices again in Fall up here. Guess we’ll have to watch and wait to see what happens
March 29, 2023 at 8:01 AM #902065barnaby33ParticipantI know this thread is NCC, but are there any areas which are exhibiting behaviour that would more directly align with economic stress ie: layoffs and higher interest rates?
JoshMarch 29, 2023 at 7:24 PM #902067sdrealtorParticipantI don’t follow others close enough except possibly Mira Mesa which could fit that but definitely does not. Things seem tight everywhere. SD might be the most inventory constrained market in the country
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