[sdrealtor]

5th week of march

New 17 (14) –

Pending 23 (17) –

Thats -6

Closed 15 (15) –

Total houses on the market 77 (46 last year) with a median of 2.5M (2.425M). Two years ago we were at 34 and in 2021 we were at 55.

Inventory went up despite more pending than listings for two reasons. We are seeing a higher percentage of homes falling out of escrow than we typically do. With prices and rates this high buyers are stretched and picky with more buyers remorse setting in. We also see homes coming off the market that haven’t sold for improvements. Rather than lowering prices sellers are taking them off to fix them up a bit more. There’s also the game playing of take a home off the market for a week or two and try to come back as a new listing.

The market is just hanging in there with buyers being discriminating as to what they want and dont want

[sdrealtor]

week 5 in March

New listings 3 (7) –

New Pendings of 7 (3)

Thats -4

Closed sales at 2 (6)

Total houses for sale 7 (12) with median of $1.185M (1.05M). There were 4 on the market 2 years ago and 9 in 2021.

Prices feel solidly 10% higher than last year. Even with a small sample size here the homes are very homogenous and its easier to say that than along the NCC where there is far more variety. There are also a steady flow of higher end flips. MM has turned the corner and more and more of the homes here will be remodeled and updated. I can continue to see a steady improvement here with no signs of interuption for a couple years and more ahead

[sdrealtor]

Sorry things havent worked out as you hoped and hopefully everything is ok with the family. Glad you recognize how good SD has been to you and will hold onto a couple beach rentals. I think those will serve you well and perhaps some day you will return. Holding onto those ensures that will always be a possibility for you and your family.

There will always be strong demand by the beach from high income individuals that don’t see themselves here long term. Unfortunately you seemed to have learned the hard lesson that reality doesn’t hold in East County. I’m sure its a big note and at much higher rates so better to cut your losses sooner than later rather than doubling down.

Also try not to forget what you learned in East County when you invest back in the Midwest. Rents and cap rates may look great in some spots but don’t forget the importance of tenant quality. Its better to sacrifice some return for sanity and peace of mind. Look for the sweet spots that balance both.

One last thing and a good reason to hold onto those OB props is places can look great as a visitor but different as a resident and your stay there could hit bumps also. Despite everything we put up with here we enjoy a great deal of social tolerance among our neighbors and a well educated populace. My good friend from Nashville always laughs when Conservative Californians move there to be his neighbor in Franklin where his family has been for generations. Its a nice upscale place but they quickly learn when they venture a little further out they don’t only live in Nashville, they also live in Tennessee. Those are two very different things

Hope everything turns out the way you want and dont be stranger. We’d love to hear of your successes there

[sdrealtor]

4th week of march

New 14 (13) –

Pending 24 (12) –

Thats -8

Closed 12 (17) –

Total houses on the market 61 (45 last year) with a median of 2.995M (2.3M). Two years ago we were at 27 and in 2021 we were at 57.

New listings back down and pendings back up. An increase in nice new listings generally will bring more sales especially in Spring. It seems like a continued dog fight out there.

One thing of note happened with the median listing price reaching close to $3M. I predicted this last year. Its partially due to higher prices but even more the limited inventory at lower prices getting snapped up leaving inventory very top heavy. It could go even higher

Almost time to run this weeks numbers and it feels like more of the same based upon what I saw this week

[sdrealtor]

week 4 in March

New listings 11 (2) –

New Pendings of 8 (2)

Thats +3

Closed sales at 5 (7)

Total houses for sale 10 (9) with median of $1.087M (1.075M). There were 5 on the market 2 years ago and 7 in 2021.

More of the same. This is a very orderly stable market settling into this new higher price level

[sdrealtor]

SOLD my house!!! Saint George here I COME!!

[sdrealtor]

Was gonna erase this as a duplicate post but it bears repeating LOL

 

So much for affordability. This one may take a while to sell.

$1.2M freeway adjacent 3 story 1 car garage townhome! Trying for SD pricing in SG. I see future distressed sales coming

https://www.redfin.com/UT/St-George/5332-S-Beachcomber-Ln-84790/unit-112/home/190259894

 

 

[sdrealtor]

So much for affrdability. This one may take a while to sell.

$1.2M freeway adjacent 3 story 1 car garage townhome! Trying for SD pricing in SG. I see future distressed sales coming

https://www.redfin.com/UT/St-George/5332-S-Beachcomber-Ln-84790/unit-112/home/190259894

[sdrealtor]

3rd week of march

New 21 (12) –

Pending 16 (15) –

Thats +5

Closed 16 (12) –

Total houses on the market 79 (46 last year) with a median of 2.55M (2.344M). Two years ago we were at 29 and in 2021 we were at 49.

New listings back up and pending’s down as a bunch of orders must’ve gotten filled two weeks ago. No surprise to see things go back and its looking like we are gonna slog along this Spring. Any big change would take lots of new inventory or a significant drop in rates neither of which look likely this Spring. Stand off mostly continues

[sdrealtor]

2nd week of march

New 11 (11) –

Pending 27 (14) –

Thats -16

Closed 12 (7) –

Total houses on the market 71 (51 last year) with a median of 2.795M (2.195M). Two years ago we were at 31 and in 2021 we were at 52.

A big week for pending’s! A drop in new listings! I think it was a bit of an anomaly as it doesn’t feel different out here. I expect things to go back to where they were in the next week or two. Nonetheless that surge in pendings was seasonal demand stepping up. Lets see what happens through the next two weeks

[sdrealtor]

sorry just saw that. I think its a bit of everything. With rates where they are cash heavy buyers are more the rule. Demand is relatively muted but supply is also. WE are operating mostly in balance here. if we got a surge of inventory we could be in a bit of trouble but that doesn’t appear to be on the horizon and rates will gradually drift down over the next year or two so the party looks like it will continue in this range.

[sdrealtor]

week 3 in March

New listings 7 (2) –

New Pendings of 6 (7)

Thats +1

Closed sales at 6 (2)

Total houses for sale 6 (7) with median of $1.15M (1.15M). There were 3 on the market 2 years ago and 7 in 2021.

More of the same

[sdrealtor]

week 2 in March

New listings 4 (4) –

New Pendings of 5 (3)

Thats -1

Closed sales at 1 (7)

Total houses for sale 4 (12) with median of $1.125M (1.05M). There were 8 on the market 2 years ago and 6 in 2021.

This market continues to show strength

[sdrealtor]

Do I need to remind you that you were the one to resurrect this thread this week?

Are we a threat to your livelihood because you sure aren’t of mine.

First some truth from you. You left for lifestyle (your kids) and lower cost of living. There is nothing to be ashamed of for doing that but just the same no reason to throw the place that gave you the abundance under the bus.

Next some selective data from you. My data is very accurate and up to date!

Yes prices are up y-o-y but that’s because you are comparing to the late 2022 flash crash prices.

Lets look at current trends. In Nov 2023 the median there was $580K and in February it was only $485! You are in the middle of a stunning reversal of fortune!! April data may well show you down y-o-y once its available

More importantly sales volume is dropping while inventory is rapidly growing. That is what happens as market downturn begins and yours is showing all the signs of that.

Hat tip for the anecdotal “data point” from a random realtor!

Its interesting that you cite rising cost of living there aka increasing rents as a good thing in SG and a sign of market strength. Yet here it is a problem? Rental properties here rarely have vacancies and rents are here also

I dont know who Kevin Kostner is but hope its a good thing. However if its Kevin Costner you were refencing say hello for me. My ex girlfriend dated him when he was between marriages for a bit. She broke up with him because all he did was sit around smoking dope all day and never wanted to do anything fun. I guess he’ll like it out there staring stoned at the landscape.

As for property values. Of course homes are cheaper there! The land is virtually worthless while here it is extraordinarily valuable. I’m sure you know this but land is what appreciates in real estate. A house depreciates over time so that is yet another thing that will hurt SG going forward as they will be swimming upstream forever on that.

I take pride in a great world class city with a world class university that is a world leader in the industries of the future as opposed to place populated with slaughterhouses and construction workers that will be out of work in the first downturn.

Nothing about the data suggests that current trends in SG will continue. nothing.

[sdrealtor]

“Tens of thousands of residents moved out of San Diego County last year–almost double the number a year ago.”

Gosh, I wonder why.
To escape this thread?

 

LOL this is the gift that keeps giving

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