What are sales like in your area?

[PD]

Each area of San Diego is going to affected by micro forces. What is happening in your area? Do you see neighborhoods with a forest of for sale signs? Have there been any big drops (or increases) in prices over the last couple of months? What are your friends and nieghbors saying?

[JJGittes]

I had the opportunity to drive through San Elijo Hills yesterday. Lots of homes for (re)sale in the various neighborhoods. Lots of new ones coming on line too. I can’t imagine prices increasing there for some time. If you go to the top of the hill, it looks like an absolute sea of new housing of all kinds.

[powayseller]

I’ve noticed only a slight increase of Sale signs in Poway, and more Sold signs to match. From Dec – end Feb I saw 2 sold signs, and since then, many more. I think people still are buying houses in Poway. It’s a popular place for families who want the good schools but can’t afford the $1.5mil and up homes in the good school districts near the coast.

[sdduuuude]

The (somewhat light) forest of for sale signs showed up in Clairemont last Summer. Not alot of signs now, but many of the SAME signs have been up for several months. Lots of overpriced properties, too. A few for sale signs replace by for rent signs. I do notice lots of open house signs on Sundays.

[sdrealtor]

FYI, Prices in Poway are only 5 to 10% cheaper than the coast for a comparable home in a top school district. No more…no less

[pencilneck]

The large number of open house signs posted in North Park has receded substantially in the last month or so, after blossoming abundantly this spring.

Also, open house signs are no longer typically displayed mid-week as a few had been.

For Sale signs are still abundant in the neighborhood, but there has been a huge decrease in open house signage.

[PD]

The last month has seen “Price reduced” signs materializing in Coronado. However, only a few months ago sellers were listing housing at prices that were hundreds of thousands of dollars above the last comp.

There is a area in Imperial Beach that is loaded with houses for sale. The strange thing is that it seems to be located in just one area. Other neighborhoods don’t seem to have as much for sale (although there is plenty).

I started tracking the listing prices in those areas. I only have data starting two weeks ago. It looks like there is a small downward trend in pricing but it could just be a natural fluctuation.

[Bugs]

“Price reduced” signs are only relevant if you assume the initial listing prices were reasonable to begin with. Realty agents are sometimes forced to list properties at unreasonable prices as a condition of obtaining the listing, and then they have to wait for their sellers to get serious enough about selling to consider more reasonable pricing.

I pretty much ignore price reductions in a listing just as I ignore active listings as value indicators. Most of the time the only thing an active listing is good for is in establishing an upper limit of value. In a declining market that means that at least some list prices will be below some of the more dated closed sale prices.

[PD]

You’re right. However, it is a new development and could indicate a new trend.

[Carlsbadliving]

Not a lot for sale in RPQ. There were actually many more for sale signs earlier in the spring. It seems that many people may have pulled homes off the market after they realized things were cooling off. Of the signs that I do see, it’s the same ones and they stay up for a loooonnng time.

[farbet]

How about LA Costa Oaks New houses. Anyone knows ??

[sakina96]

There does not seem to be much activity at La costa oaks, although Stoneridge seems to be having a hard time finishing out their sales.

Just up the road Rancho Carrillo seems to be hurting. I have been tracking houses there since October and many are still on the market. I’ve seen many houses that have been reduced by about 5-10% (whether the original asking price was reasonable is another story). I think that Rancho Carrillo is an anomaly, however, because of so many new develop coming up around it. Furthermore, despite being in Carlsbad it is located in the San Marcos school district. Why pay a Carlsbad price for San Marcos schools?

[sdrealtor]

Almost sold out. Very succesful development. Early speculators taking profits with a half dozen or so resales on the market.

[JJGittes]

I went to 4 open houses in RC a couple of weeks ago. The agents were practically begging for an offer, ‘any offer’, on 3 of the 4 homes I went in. The 4th was staffed by a non-interested college kid “associate”. I am honestly not exagerrating. By the way, if you want to see some dancing, go out there this sunday for the weekly show and start asking how long the houses have been on the market. But be sure to ask the follow up question of whether they have been relisted at a lower price. You’ll feel like you are have a Perry Mason moment with just two questions.

[PD]

Friends with a very nice townhouse for sale near Rancho Bernardo are about to drop their price down to 15% off the high and they aren’t sure if that will be enough to move it. They have already reduced once before. They are worried about ending up one step behind the downward trend as they chase it down. This is going to happen to a lot of people!

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