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sdrealtor
ParticipantSome data to chew on 4 weeks of March data
2021
New listings 22
Pendings 30
Closed 292022
New listings 20
Pendings 24
Closed 262023
New listings 11
Pendings 17
Closed 23This shows the magnitude of the drop off in new listings pretty clearly. All things considered in the face of high rates and low inventory coming on the market the pending and sales counts are holding up pretty well
ParticipantNew listings 2 (2) – no one leaving
New Pendings of 2 (2) – under $1M and it is gonna sell
Thats 0
Closed sales at 7 (4)
Total houses for sale 9 (5) with median of $1.075M ($999k). There were 7 on the market 2 years ago with a 829K median.
A few thoughts.
I looked at the closed sales and they are almost all below $1M and nearly all closed above asking. Homes priced below $900K get multiple offers in almost every case now. Thats setting a floor here in the mid 800’s
The active inventory is mostly $1M plus homes that have been sitting. There is a market above $1M here but it is discerning
Inventory really jumped last May as it usually does. There is a good chance we wont this year and that inventory in the second half of the year will be lower than last year. That would prevent further significant declines. I still think we should get some and that this Fall will be the nominal bottom. But the data is starting to say it may already be in in and that i may have been too pessimistic
ParticipantI 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
ParticipantToday 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
ParticipantSomeone finally recognized MM was La Jolla adjacent
ParticipantYup that is what is happening. There are a lot fewer buyers but even fewer sellers. If we suddenly got an onslaught of listings the market would struggle a lot, but that isn’t happening. I just checked and one new listing up in NCC today. Another former resident’s estate is selling. That’s pretty much the market
ParticipantNew 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
ParticipantNew listings 2 (4) – no one leaving unless in a pine box
New Pendings of 7 (9) – under $1M and it is gonna sell
Thats -5
Closed sales at 2 (5)
Total houses for sale 7 (3) with median of $1.11M ($1.15M). There were 7 on the market 2 years ago with a 825K median.
Only one house below $1M now and it has tenants that leave at end of month so that will change things for them. Will be interesting to see what sells this week as its all above $1M
ParticipantNew 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
ParticipantNew listings 4 (8) – all previously owned for decades. Its becoming a probate/estate sale market
New Pendings of 3 (6) –
Thats +1
Closed sales at 7 (10)
Total houses for sale 12 (8) with median of $1.05M ($972k). There were 6 on the market 2 years ago with a 727K median. As expected slow week of pendings with little under $1M and expect same next week.
ParticipantUpdate 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
ParticipantUpdate time w/ last year data in parentheses
New listings 3 (6) –
New Pendings of 5 (7) –
Thats -2
Closed sales at 7 (7)
Total houses for sale 11 (4) with median of $1.05M ($978k). There were 67 on the market 2 years ago with a 762K median. 8 of 11 on the market priced between 900k and 1.1M but most above 1M. Could be a slow pending week ahead as not much of interst below $1M
Much of the same. New inventory comes from those leaving or dying. Market under $1M is stronger but a nice property above will sell also
March 6, 2023 at 11:57 AM in reply to: 2023 IRS Tax Filing Extended to Oct 16, 2023 for San Diegans #901938ParticipantSounds like a lot of us +/- the espp rsu’s
March 3, 2023 at 12:43 PM in reply to: 2023 IRS Tax Filing Extended to Oct 16, 2023 for San Diegans #901923ParticipantI’m sure you had your share of losing investments. We all do. Sometimes safety of principal ain’t the worst thing
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