Home › Forums › Housing › San Diego Home Sales about to be revised downward BIGTIME (89% to 6.5% increase in May)
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capeman.
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June 30, 2009 at 9:34 PM #423598June 30, 2009 at 9:51 PM #422866
sdrealtor
ParticipantDeadzone
Try and find a house under 450K. Here are current stats.Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
June 30, 2009 at 9:51 PM #423096ParticipantDeadzone
Try and find a house under 450K. Here are current stats.Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
June 30, 2009 at 9:51 PM #423372ParticipantDeadzone
Try and find a house under 450K. Here are current stats.Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
June 30, 2009 at 9:51 PM #423441ParticipantDeadzone
Try and find a house under 450K. Here are current stats.Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
June 30, 2009 at 9:51 PM #423603ParticipantDeadzone
Try and find a house under 450K. Here are current stats.Under 450K
1740 active (probably 20 to 30% are short sales w/ offers that should be marked contingent).1704 (properly marked contingent w/ offers on them)
3250 pending
So we have over 5000 detached houses with offers on them and under 1500 that dont have offers on them.
If they could close in 30 days they would but the lenders hold them up in a lengthly approval process.
The active inventory for detached homes up to 450K cannot be measured in months or weeks. It would have be measured in DAYS! If 5000 detached homes hit the market under 450K that could be sold with a 30 to 60 day escrow most would be gone in well under a month.
Between 450K and 700K there are about 1200 detached homes that are active and an equal amount with offers on them. Another very strong segment.
Above that things change but for relatively affordable home in SD there is a lot more demand than supply.
FWIW, I taught a semester of Econ 101 at a major Division 1 University when I was in grad school.
Take a look at the little Redfin widget to the right of this thread that graphs median home$/ sq ft and tell me what direction the line is going.
June 30, 2009 at 10:56 PM #422935SD Realtor
ParticipantSunny as an example to sdrs post…
Currently on one of my short sales the first offer was 490k, submitted to the lender who dragged his feet. First offer bailed. Backup was 500k submitted and lender dragged thier feet. Third offer is 507 and submitted to the lender. Also the third offer has submitted a letter to kick another 5k to the second lien. Still waiting on the lender. Received a fourth offer at 527k as a backup.
June 30, 2009 at 10:56 PM #423165ParticipantSunny as an example to sdrs post…
Currently on one of my short sales the first offer was 490k, submitted to the lender who dragged his feet. First offer bailed. Backup was 500k submitted and lender dragged thier feet. Third offer is 507 and submitted to the lender. Also the third offer has submitted a letter to kick another 5k to the second lien. Still waiting on the lender. Received a fourth offer at 527k as a backup.
June 30, 2009 at 10:56 PM #423443ParticipantSunny as an example to sdrs post…
Currently on one of my short sales the first offer was 490k, submitted to the lender who dragged his feet. First offer bailed. Backup was 500k submitted and lender dragged thier feet. Third offer is 507 and submitted to the lender. Also the third offer has submitted a letter to kick another 5k to the second lien. Still waiting on the lender. Received a fourth offer at 527k as a backup.
June 30, 2009 at 10:56 PM #423511ParticipantSunny as an example to sdrs post…
Currently on one of my short sales the first offer was 490k, submitted to the lender who dragged his feet. First offer bailed. Backup was 500k submitted and lender dragged thier feet. Third offer is 507 and submitted to the lender. Also the third offer has submitted a letter to kick another 5k to the second lien. Still waiting on the lender. Received a fourth offer at 527k as a backup.
June 30, 2009 at 10:56 PM #423673ParticipantSunny as an example to sdrs post…
Currently on one of my short sales the first offer was 490k, submitted to the lender who dragged his feet. First offer bailed. Backup was 500k submitted and lender dragged thier feet. Third offer is 507 and submitted to the lender. Also the third offer has submitted a letter to kick another 5k to the second lien. Still waiting on the lender. Received a fourth offer at 527k as a backup.
July 1, 2009 at 8:14 AM #423069Anonymous
GuestRegarding the Econ 101 debate:
Supply and demand are functions, not single points. That’s why they are represented by curves in the classic econ charts.
General statements like “demand exceeds supply” are not meaningful. If there is any market at all, supply and demand are equal at the market price.
A more accurate way to explain a change the market price is to say something like “the demand curve has shifted.”
It’s a subtle nitpick, but that’s the nature of the dismal science.
The little bump at the end of the Redfin chart could be a result of demand shifting to the right, supply shifting to the left, or some combination of both. This is the relevant question: which direction are both curves moving, and where will they go?
July 1, 2009 at 8:14 AM #423300GuestRegarding the Econ 101 debate:
Supply and demand are functions, not single points. That’s why they are represented by curves in the classic econ charts.
General statements like “demand exceeds supply” are not meaningful. If there is any market at all, supply and demand are equal at the market price.
A more accurate way to explain a change the market price is to say something like “the demand curve has shifted.”
It’s a subtle nitpick, but that’s the nature of the dismal science.
The little bump at the end of the Redfin chart could be a result of demand shifting to the right, supply shifting to the left, or some combination of both. This is the relevant question: which direction are both curves moving, and where will they go?
July 1, 2009 at 8:14 AM #423577GuestRegarding the Econ 101 debate:
Supply and demand are functions, not single points. That’s why they are represented by curves in the classic econ charts.
General statements like “demand exceeds supply” are not meaningful. If there is any market at all, supply and demand are equal at the market price.
A more accurate way to explain a change the market price is to say something like “the demand curve has shifted.”
It’s a subtle nitpick, but that’s the nature of the dismal science.
The little bump at the end of the Redfin chart could be a result of demand shifting to the right, supply shifting to the left, or some combination of both. This is the relevant question: which direction are both curves moving, and where will they go?
July 1, 2009 at 8:14 AM #423646GuestRegarding the Econ 101 debate:
Supply and demand are functions, not single points. That’s why they are represented by curves in the classic econ charts.
General statements like “demand exceeds supply” are not meaningful. If there is any market at all, supply and demand are equal at the market price.
A more accurate way to explain a change the market price is to say something like “the demand curve has shifted.”
It’s a subtle nitpick, but that’s the nature of the dismal science.
The little bump at the end of the Redfin chart could be a result of demand shifting to the right, supply shifting to the left, or some combination of both. This is the relevant question: which direction are both curves moving, and where will they go?
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