Stan,
Agents/Sellers are always fiddling with prices. Given the time of year this is when you’d expect people to adjust their expectations. The truth is its not the quantity of reductions but rather the size of them. I review a hot sheet everyday and when i’m scanning I try to find big price drops. The housing market doesnt move in unison and its about finding one or two good deals at any given time. Finding the person who is truly motivated to sell and willing to step out of line. Or better yet finding someone who made a big mistake in pricing when no one else is looking.
To your point, prices are working their way downward.
Stan,
I dont think a 4 : 1 ratio of price changes to new listings is unusual. In fact I think it is a good sign from a market stability point. It indicates relatively fewer new listings coming online while sellers of homes on the market are taking steps to find what the current fair market value of their house is.
Now you see I wasnt kidding when I was saying CV was on fire in May and June. Inventory is half what it was a year while pendings are fairly flat. Thats a pretty F$%^&*kin strong market compared to Jamul.
Just went back and checked my historical data. I started following CV on 8/14/06, so I dont have data going back as far as I do in So Carlsbad and Encinitas.
Here are the CV numbers:
8/14/06 pendings were 45
10/3/06 pendings were 39
A drop of 13.33%
Here are this years numbers for CV:
8/13/07 pendings were 48
10/1/07 pendings were 36
A drop of 25%
While the drop off is nearly double percentagewise the numbers still look pretty good Y-O-Y.
