[sdrealtor]

[quote=ncsd760]I know the temperature has cooled since Sitio Abeto didn’t go flying off the market this weekend. Truly one of the most spectacular (resale) tract homes I’ve seen in a while.[/quote]

Way too early. It takes time to deal with an offer or offers. We’ll know one way out the other later this week. But no question things have cooled

[sdrealtor]

So there is no farming other places to explain per capita usage. Sorry but your explanation doesn’t hold……gulp……water

[sdrealtor]

Why are they using so much water per capita?
Could it be all the water used in construction?
Inquiring minds would like to know

[sdrealtor]

[quote=barnaby33]

Sellers digging in deeper and staying put locally

Wake me when we get to capitulation![/quote]

I’ll give you a guy when that guy does. Unfortunately it will only be that guy. Sub 3% mortgages are the new status symbol and a lot of people have em

[sdrealtor]

Just read an article that over 30% of employment in St George is in construction. What’s that gonna look like next year EP?

[sdrealtor]

Aimloan still around 6 but conventional but we’ve sure come so far so fast. Tougher by the day for buyers. Sellers digging in deeper and staying put locally

[sdrealtor]

[quote=The-Shoveler]IMO Most long time home owners in SD either own outright or have mortgages in the 3’s possibly 2’s So they won’t be going anywhere soon IMO, sure there will be a few “must sell now”, but at some point the housing inventory will approach zero if current trend continues.[/quote]

I don’t know that either supply or demand goes to zero but agree that homeowners will and are digging in. We are basically there already where the amount of new inventory is quite subdued and demand even more subdued. We should get more build up next year but nothing like the levels of inventory we typically see. The market will be toughest on those who depend upon real estate transactions for a living especially lenders. Lots of agents have multiple gigs or working spouses in other fields. To the contrary people in the mortgage industry are more likely focused there and Breadwinners. Agents that are solo income providers for their household tend to be renters but lenders are far more likely to be homeowners. I did a couple dozen short sales for lenders last downturn. I expect a fair amount of pain among them again

[sdrealtor]

[quote=bewildering]Inflation is being caused by crazy low interest rates and is the worst form of tax on the poor.

I feel 31 trillion in debt will really encourage the government to like a bit of inflation. But again the inequity of the effects of inflation will be jarring.[/quote]

I agree. So many people are trying to use it as a political weapon but i think it comes down to mostly one thing. If you keep interest rates at close to zero for over a decade eventually there will be a price to pay

[sdrealtor]

New listings 10 (17) – still little coming on market

New Pendings of 10 (26) – and little selling

Thats flat (bit starting to see more taken off market)

Closed sales at 13 (14)

Total houses for sale 102 (60) with median of $2.1M ($2.3M)

Didnt make it under 100 but should next week. Seeing more taken off the market up here than down MM but pendings a bit stronger down there comapartively.

Spoke to a lender friend this morning. Said its very quiet and he explains daily to people the same loan $1M is gonna cost them over $2K more a month than at beginning of year. Told me I should think about playing golf the next few years. I told him I was one my way to play today. Shot a great round.

[sdrealtor]

New listings 3 (7)

New Pendings of 8 (12)

Closed sales at 7 (10)

Inventory at 32 (20) with median of 992 (849).

Inventory continues to creep down here. Its dropped about 30% since mid July. Last year it continued on that path until Mid Nov before a bunch took off for the holidays and it didnt recover all Spring. Looking at what is on the market Id guess they are less likely to take it off for the holidays. A bunch of oldtime owners selling vacant homes but something to watch

[sdrealtor]

[quote=barnaby33]So when’s the house warming party? SDRealtor can bring wine!
Josh[/quote]

Its sdrealtor and you dont like my wines anyway LOL

[sdrealtor]

New listings 10 (23) – Last year listing volume bounced back but not this year.

New Pendings of 15 (24) –

Thats -5

Closed sales at 8 (29)

Total houses for sale 107 (61) with median of $1.998M ($2.3M)

Sellers strike continues if not accelerates. This is typically the time of year inventory starts to really drop and we saw that as hypothesized last month.

Ignoring the median list price, I ran a check on last 30 days of closed sales. Its about 1.779m median vs 1.543M same period last year. Prices are still up quite a bit y-o-y for now. More notably there were 105 closings last year over this 30 days period but only 59 this year. Volume is thinning out and Id expect that to continue.

A couple weeks ago I mentioned I thought we could see flat y-o-y inventory at some point in next few months. While that is looking less likely if it did happen it would be more due to sellers taking homes off the market than a surge in buying activity. Good chance we are below 100 next week. That would make running these numbers easy as the system can only return 100 results and Ive to split up my data pulls for now

There are lots of really nice homes on the market that are sitting. I expect that to continue through y/e but in Spring buyers and sellers should come to a meeting of minds more frequently.

[sdrealtor]

Trip 7’s!

New listings 7 (10)

New Pendings of 7 (138)

Closed sales at 7 (12)

Inventory at 34 (19) with median of 980 (857).

The trend of most new listings coming from long time owners continues. Some nice spot to be on the market right now. Median asking has dropped and Id guess median sales price moreso but gains over last year are holding so far and nowhere near flat yet y-o-y. Ran a check on last 30 days and its about 932K median vs 858K same period last year

[sdrealtor]

Both Utah and dentists share abnormally high suicide rates. Perhaps a connection?

[sdrealtor]

New listings 8 (6)

New Pendings of 7 (8)

Closed sales at 7 (8)

Inventory at 34 (20)

Interesting that the sellers strike isnt as impactful here. Listings have been very consistent not just lately but the entire 20 months Ive been tracking here. There are a good amount of homes coming on the market being sold by long time owners who have passed or aged out. This seems to be a market more impacted by lifecycle events than up in NCC. Its is remarkably consistent and stable here

[Author]

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