Forum Replies Created
-
AuthorPosts
-
sdrealtor
ParticipantNew listings 13 (29) – atypical weekly drop like that this time of year
New Pendings of 19 (31) – Still demand out there
Thats -6
Closed sales at 13 (35)
Total houses for sale 127 (80) with median of $1.95M ($1.99M)
Inventory dropped by one but the bigger thing of note was the drop in new listings. Watching things as I do its feeling like less is coming on and sellers are starting to dig in. But like in MM Id like to see this persist for a few weeks before declaring peak inventory past for the year. If these trends continue both places we’ll look back at this week as when we saw the frist sign of a soft landing but still a lot TBD first
A couple notable sales this week with a great house thats been on the market over a year entering escrow around $7M
https://www.redfin.com/CA/Encinitas/2054-Sheridan-Rd-92024/home/3783690
And this one which if it closes will establish a price record by around double the previous high sale when this home sold for $11M back in 2016. At $20Mish we’ll likely welcome a new celebrity neighbor to the community
https://www.redfin.com/CA/Encinitas/532-Neptune-Ave-92024/home/4087143
ParticipantNew listings 23 (25) – back up after holiday
New Pendings of 22 (25) – Still demand out there
Thats +1
Closed sales at 16 (30)
Total houses for sale 128 (77) with median of $1.995M ($1.95M).
Inventory is inching up but compared to last year. We are listing similar numbers for the last 4 months but demand is quite a bit lower (maybe 30-40% lower than last year). I could see us getting around 140ish in the enxt few weeks but higher would be a bit of a surprise. The would should bleed inventory through the end of the year.
Pendings still holding around the same level each week.
Still no run for the exits to be seen up here. Still seeing a fair amount of price reductions (about 15% of listings) but most holding firm.
Participant[quote=ncsd760][quote=sdrealtor][quote=Pbranding][quote=sdrealtor][quote=ncsd760]2.57 to 3.1 in less than a year feels a little arbitrary now, doesn’t it? https://www.redfin.com/CA/Encinitas/209-Coral-Cove-Way-92024/home/22420675%5B/quote%5D
That’s about what the market had done. We’ll see if it sticks?[/quote]
So looks like they didn’t get their price. Was reduced and now pulled off the market.[/quote]
It looks like seller got a job relo to OC 6 months after closing. They lived there before coming here and kept house there they bought several years ago. They have a very nice very affordable place up there they likely went back to. Dont think they will have issues carrying it. Maybe rent it out and try again in Spring. Dunno?[/quote]
BOM today at 2.95, noting that the one right by the entrance that is the almost single-level floorplan sold for 2.57 this week. Why not just start at that price and bid up?[/quote]
Cant depend upon things getting bid up anymore. Its a 4br vs 3br. Its recently upgraded vs original condition. It has a nice yard with pool vs basic yard. In the end , its what they want to do now.
ParticipantNew listings 6 (7)
New Pendings of 12 (18)
Closed sales at 5 (6)
Inventory at 37 (16) with median of 975K (850K)
Well that didnt last long and the seasonal pattern came rolling in. This was a big week for pendings v new listings last year also. Inventory dropped almost 20% in a week and inventory is back well under 1.5 months. We may have hit peak inventory for the year last week. But lets see what comes our way the next two weeks before calling that. Another week or two like this and we are on our way to a soft landing..
One thing of note is the fixers arent getting swooped up by flippers immediately creating opportunities for homeowner buyers looking for them. Thats a positive developement
ParticipantReally is a dramatic shift and in an incredibly short time. One has been on a path essentially moving straight up and the other suddenly went straight down. Absent what makes real estate unique this situation would most assuredly precede a dramatic drop. What we don’t know is what happens with supply with so many locked into such long term low rates? It’s gonna make moving tough to impossible for many even if they could sell their home. Nothing would surprise me going forward
ParticipantPhoenix was #1 in appreciation though just above SD. It was due to rampant speculation and investors. That was not the case here. That unwinding and there is still massive amounts of undeveloped land. Long term i think Phoenix will be fine it just got way ahead of itself. As for data there is tons of available and while i don’t have any for your area i can’t imagine there aren’t local stats published in your local fish wrap.
As for wine in 100+ degrees id suggest a crisp French sauv blanc or rose or perhaps an albarino. Stay away from the reds until Fall. I’m off to Napa and Sonoma in the early morning myself to enjoy all things good.
Cheers and feel free to stop by and comment as you like. This is a good thread for following the red state destination markets for those who can’t or don’t want to stay here
Hope all is well with the family. Cheers
ParticipantGotcha. There are no rules and its kinda the wild west out there. I wouldnt infer too much from a few cases you see. People do whatever they weant and it doesnt always make sense
ParticipantPerhaps it got bid up during a bidding war and then fell out of escrow. Typically they will put it back on at the negotiated price.
ParticipantNew listings 10 (10)
New Pendings of 4 (8)
Closed sales at 7 (11)
Inventory at 44 (25) with median of 997K (855K)
Inventory still climbing but if past patterns hold should peak soon. Sellers starting to adjust to new market reality but most are still holding the line for now. There are 15 houses under 900K now with most in the 800’s but a few under. Looking at last 4 weeks pending counts vs inventory we are up to 2 months here. Buyers seem to have slight advantage now
ParticipantThey sure are! Here’s some fun actual data which EP seems to be allergic to using
New Listings Year over Year in June
Santa Clara -22%
San Diego – 12%Phoenix
[img_assist|nid=27687|title=Phx inventory|desc=|link=node|align=left|width=1061|height=660]
[img_assist|nid=27686|title=Inventory compared to 2019|desc=|link=node|align=left|width=781|height=600]
ParticipantDefinitely leaves a mark but that case is an extreme outlier. Seriously who pays cash for a home only to decide they like another better amonth later before moving in and buys it also for cash?
No question things are slower and inventory has been building. But its still way below 2019 here and we are lsiting fewer homes by a good margin. We are at the time of year when the peak listing numbers should be past. How much they drop we’ll have to see but in the face of steady albeit lower demand we could work through most of this inventory heading into next Spring. Then what?
For now we just watch and wait to see.
ParticipantHave to laugh. Many of my friends went to those schools as premed but most dropped quickly. But then again they didn’t pay for college. I went to a state u back east, aced freshman chemistry easily and was initially a chem major. That is until O chem.
Participant[quote=EconProf][quote=sdrealtor]Crested 110 today in SG[/quote]
sdr: It was also 109 degrees in America’s fastest growing big city.
Hmmm…what city would that be?
And where are all those people coming from?[/quote]Guess my weather service was off a degree or two. Must’ve been a nice respite. Did you break out your down jackets?
ParticipantCrested 110 today in SG
-
AuthorPosts
