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sdrealtor
ParticipantNew 19 (16) –
Pending 26(15) –
Thats -7
Closed 12 (20) –
Total houses on the market 87 down 6 from last week (131 last year) with a median of 2.4M (1.95M). Two years ago 73 with median of $2.1M
Its likely peak inventory has passed.
When I look at the inventory it continues to boggle my mind how much of it is $3M+
I think the low and lower mid range will continue to perform well. Im gonna go out on a limb and predict the median list price will reach or at least get close to $3M as the lower priced stuff gets cleared out. Someone is gonna have fun with that phenomena
Participant3 weeks later. Inventory still building here quickly.
Its been over 110 degrees or close to that for over 30 days now. No relief in sight
ParticipantNew listings 2 (7) –
New Pendings of 3 (2)
Thats -1
Closed sales at 8 (2)
Total houses for sale 8 (40) with median of $1.25M ($937K).
There were 20 on the market 2 years ago with a 868K median.
The median is way up here and in NCC because the low and mid/low range is selling well while the higer priced homes are starting to pile up a bit.
Inventory is paltry
ParticipantNew 21 (13) –
Pending 20(19) –
Thats +1
Closed 22 (13) –
Total houses on the market 934 (127) with a median of 2.395M (1.95M). Two years ago 80 with median of $1.99M
Inventory took a nice jump this week but its interesting where the inventory is growing.
The median list price has been rising fast the last 3 weeks. That usually happens when all the low priced homes sell and inventory is falling. There are only 7 homes below 1.5 but inventory is growing.
This time inventory is growing on the very high end ($3M+). There are quite a few of very high end homes on the market here
ParticipantNew listings 5 (6) –
New Pendings of 4 (12)
Thats +1
Closed sales at 7 (5)
Total houses for sale 8 (37) with median of $1.125M ($995K).
There were 16 on the market 2 years ago with a 850K median.
Pendings are way down y-o-y this week but then again there is very little to buy so there’s that!
ParticipantIve searched the tax records and done other research. They arent buying or selling on open market either. Its not hard to research if you have access to my tools
Even at the height of iBuyers like Opendoor and Zillow they only owned a couple hundred homes.
Institutional buyers just have never been a big buyer of homes here. The biggest were some big flipper orgs from OC
ParticipantCan you feel it? Clearly this was yet another premature call. But today I think we can finally say it’s “transitory”
ParticipantAcross the country there is considerable backlash about PE buying up homes as rentals. To avoid going down a potential rabbit hole here, I’ll share Ive yet to see PE buying sfr rentals in SD to any measurable degree
ParticipantToo bad one cant avoid death as well
ParticipantNew 21 (22) –
Pending 18 (23) –
Thats +3
Closed 20 (16) –
Total houses on the market 84 (128) with a median of 2.44M (1.995M). Two years ago 77 with median of $1.995M
We are now at the time of year where inventory typically peaks. Could drift up or down a bit from here but shouldn’t change much over next few weeks. We are 35% below last year.
Still searching Variety for the Canyon Watch casting call but nothing in sight yet. Temps predicted to get close to 120 out in SG this weekend.
ParticipantNew listings 3 (10) –
New Pendings of 5 (4)
Thats -2
Closed sales at 7 (7)
Total houses for sale 7 (44) with median of $1.15M ($997K).
This week last year was peak inventory here at 44 and we are at only 7 today. Two years ago we had 25 with median of 855K
Inventory is down almost 85%! If people are leaving CA they sure as heck aint leaving MM
ParticipantBy the time you get finished with upgrades, landscaping etc you will be close to same on the new. Advantage with new is you get to pick things as you like them which is nice in a long term home. Both should track the market similarly so I say if you are gonna buy, then buy the one you like more
ParticipantJut my opinion but I would think initially its a different buyer in a place like 3Roots. There is always a market for new wherever it is built. Now we are starting to see resales start hitting the market. Timing isn’t great now as we head into the seasonally of time of year but one already came and went into escrow. I think it could take a year or two for the resale market to establish itself. But I have no doubt it will and it will be strong. A whole new demographic has and will continue to come to MM via 3R. Over the next decade their kids will cycle through the schools and suddenly the schools will start flying up the prestige ladder. That and the prices the 3R homes sell for will help the surrounding MM community. In another decade it should be fairly common to see small homes in MM greatly expanded or torn down and replaced. Looking at everything going there and the location in the tech center and so close to UCSD I don’t see anything else that can happen.
ParticipantIn early April I opined we likely wouldnt reach 100 houses on the market. We are close to the peak inventory season and not close.
New 16 (15) –
Pending 25 (20) –
Thats -9
Closed 12 (16) –
Total houses on the market 78 (121) with a median of 2.4M (1.995M). Two years ago 74 with median of $1.887M
Its crazy to think it was only a year or two ago that we were talking about the end of homes under $1m in this NCC market. Now its not easy getting a good one under $1.5M.
Carlsbad is a beach town in Coastal North County San Diego with a population of about 120,000. It is renowned for its world class beaches frequented by locals and visitors who spend weeks if not months visiting. It has a growing base of large tech, life science, golf/leisure industry employers, the busiest Costco in the country, great schools, multiple 5* resorts and is the kind of place glamorized in Hollywood. Former local economist tells us Carlsbad is going downhill with residents and businesses fleeing. There are 78 single family homes for sale here
Saint George is town in Southwestern Utah with a population of about 100,000. It is surrounded by world famous canyons people travel the globe to see and visit for 1 to 3 days. Hollywood is not aware of St George. The largest employers are a slaughterhouse, a university I couldnt name and a building industry building far beyond current demand. Former local economist tells us its a boom town with Carlsbad residents flocking there. When I search Redfin for houses in St George I get 795 houses are on the market.
For the non-economist readers 795 is more than 78.
It seems they are anticipating a rather large flock. Maybe someone should remind them there was a show named Baywatch glamorizing life on the SoCal beaches. For those unaware, there has never been nor any discussion of a Canyon Watch.
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