[sdrealtor]

New listings 8 (15) – back to normal

New Pendings of 9 (23) – about the same its been

Thats -1

Closed sales at 18 (20)

Total houses for sale 88 (47) with median of $1.925M ($2.5M).

Last November was a huge month that cleared out the inventory, this year not so much. We are got about 20% fewer new listings the first part of November this year vs last year but pendings are down about 50%.

This is the week we typically see the season decline in inventory begin in earnest. If past patterns hold we’ll end up the year with about half of what we have now.

We are in a very different market than we were six months ago but nothing is flashing red lights right now. The stock market seems to finding its balance and interest rates have come down a touch. So many things could change between Spring and now but Im just not seeing signs of a big panic at this time.

[sdrealtor]

New listings 1 (8)

New Pendings of 7 (11)

Closed sales at 3 (13)

Inventory at 24 (14) with median of 999 (950)

Big drop in inventory due to a slightly surprising bump in new pendings. I dont expect much in the way of new inventory the rest of the year. With continued sales trickling in and some folks taking the holidays off we could get back to single digits by y/e.

Oh and this is why as a buyer you stay active this time of year. Someone snagged this for what looks like a good deal that will stand the test of time.

https://www.redfin.com/CA/San-Diego/11025-Bootes-St-92126/home/4796460

Same model around corner similar lot/location with what Id call maybe a $100K remodel not a $275K one

https://www.redfin.com/CA/San-Diego/8911-Centaurus-Way-92126/home/4799231

[sdrealtor]

My house is clearly the answer. Wine stored for two decades of consumption

[sdrealtor]

Not really. They over paid back in June. What this house just sold for is what it should’ve sold for. It’s not an earth shaking low sale. It’s a regular sale in line with surrounding comps. Point of reference house on Abeto closed for about $1m more

Prior owners stole money when they sold

[sdrealtor]

[quote=an]Not just UTC, a lot of the community plans are being updated with a lot of dense housing. Sorrento Valley and Mira Mesa are also either up zoning or adding residential zoning to where there were none before. Sorrento Valley, once the community plan is approved, will have areas zoned for 5-10 stories residential buildings.

https://www.miramesatowncouncil.org/mmcpg-community-plan-update-recommendations/%5B/quote%5D

Interesting. I think it’s much easier sell to build residential towers where there are existing office towers.

[sdrealtor]

[quote=profhoff]Is it a meme? I think the migration away from airbnb and back toward hotels is very real. Will that lead to airbnb hosts selling their properties? Time will tell![/quote]

There was one post on Twitter that took on a life of its own.

[sdrealtor]

Unconfirmed but I’d guess the students balance out the general politics of the area. Absolutely agree there are far more conservative areas of CA. Just wanted to point out that someone going there to retire would want to know many long time residents lean pretty far right for what is a coastal area

[sdrealtor]

Weird it posted twice

[sdrealtor]

Hit the Firestone restaurant there on the main drag when you visit. Good food and fun.

[sdrealtor]

There’s one problem with this hypothesis. SLO is 10 miles from the coast and is really more coastal then inland in location. . It is basically San Marcos equivalent. It’s the same distance as SDSU to Ocean Beach

[sdrealtor]

[quote=ncsd760]Sitio Abeto closed 2.8…same house in Spring heyday would have closed at or above list price I think.

Two things are true, the good ones will always go, and, markets are softer now. Just one I was watching. Interested in Caliente pending at 2.85.[/quote]

At least 10% more and maybe 15% more. FWIW was in escrow at 2.85 and reduced during escrow by 50K

[sdrealtor]

Agreed but strange nonetheless for a large university town in CA

[sdrealtor]

[quote=The-Shoveler]Fair point sdr but my point was you get all that + exterior maintenance.

So far we have never had a special assessment (knock on wood) and our HOA is run by retirees so it is very very conservative with regards to expenses.
Everything is well maintained, we just had new roofs and new dual pane windows installed (again no special assessment).[/quote]

The point Im making is that if you are gonna compare an SFR and a condo it should be on things that are different.

Its good to have a well run HOA. I have a great one also. We basically get private parks and trails, beautiful entry landscaping which follows through out, a gym, a pool/spa/, tennis and country club level clubhouse for $130/month all of which I can walk to and use often. It was $87 in 1998 and the increase is no more than inflation if that. Those are amenties I would pay for elsewhere and not what Id consider maintenance. After 25 years our pool complex needs a refresh. Gonna be over $1M and its all been properly budgeted and reserves built for. No assessment needed

[sdrealtor]

FWIW SLO is a very conservative part of the state. Depending upon your political slant that’s good or bad

[sdrealtor]

[quote=svelte]Starting to hear rumblings that AirBnB hosts are starting to feel pain nationwide. This may be less of a problem in San Diego, I don’t know, but it is something to keep an eye on.

If AirBnB owners in SD start to bail, we may see another leg down.

https://www.msn.com/en-us/news/us/airbnb-hosts-are-worrying-about-an-airbnbust-here-s-the-main-reason-some-short-term-rental-owners-are-experiencing-a-rough-patch/ar-AA13Qs30?ocid=msedgntp&cvid=6f716735d98b4a228b6de6af014c1966%5B/quote%5D

FWIW that was a meme created on social media greatly exaggerating reality. Was on an analyst call that debunked it a few days ago

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