[sdrealtor]

Last week (need to run this week also)

I cant remember tracking these numbers being any less interesting. Its a very sleepy market on both sides

New 15 (6) –

Pending 13(19) –

Thats +2

Closed 9 (8) –

Total houses on the market 93 (93 last year) with a median of 2.3M (1.845M). Two years ago we were at 55 and in 2020 during pandemic peak impact we were at 92.

Inventory dropped back down and that should follow seasonal pattern down for rest of year. We’ll know soon enough

The most interesting thing I see in the data is the median 20% lower this time last year during that brief flash crash. There was a window of opportunity last Fall but prices have recovered from the short panic period. Inventory/Transaction volume seems to suggest we dont revisit that but we’ll have to see what the economoy holds for us

[sdrealtor]

Last week (need to run this week also)

I cant remember tracking these numbers being any less interesting. Its a very sleepy market on both sides

New listings 4 (4) –

New Pendings of 9 (6)

Thats -5

Closed sales at 4 (6)

Total houses for sale 10 (25) with median of $1.02M (949K).

There were 12 on the market 2 years ago with a 929K median.

Just plodding along

[sdrealtor]

I’ll add that I am under no illusion that despite being spot on for a couple decades that I will be continue being such. I could be wrong but in life we have to make big important decisions and who we relie on for those is one of them. We can look to data also. Here’s the latest on your latest decision

Your market is stagnating. It is almost 15% below its April 2022 peak. Multiple offers are rare. Inventory is climbing. Houses sell in a month below asking

https://www.redfin.com/city/16751/UT/St-George/housing-market

The San Diego market is slower but stable. It is only 4% below the April 2022 peak. Many homes get multiple offers some with waived contingencies. Homes sell in 2 weeks or less above asking prices on average.

https://www.redfin.com/city/16904/CA/San-Diego/housing-market

This is not political complaining it is reality and it is data. It is not my data, it is not your data. It is third party data. We are both facing macroeconomic headwinds but we are powering through while you have already suffered a major reversal. There is nothing objective indicating either of those things will change

[sdrealtor]

Let me fix that

ep: over a long period I have and continue to make smart decisions that save me money today and far into the future. To the contrary you despite sitting in perhaps the best seat possible (econ prof/real estate license/general contractor/very long tenure here when things were wide open and cheap) have made a series of poor decisions and continue doing so that cost you and more importantly your family money today and far in the future.

Question for astute reader: in the face of contrary opinions from the above who are you going to look to for guidance?

Everything is cyclical. Historically people who did not make good decisions leave by choice or force when affordability gets strained here. It has never been more strained that I am aware of with possible exception of mid 80’s. They have also returned when affordability has gotten bette and return they will.

Everything is cyclical

FWIW, I met yet another person yesterday who was a lifelong resident before high tailing it out to Nashville with the unearned wealth CA provided provided them. They have been there a year. They are miserable and now wish they had stayed but dont think they can return. Everything is cyclical. Well except being able to come back here if you make poor decisions

[sdrealtor]

The Prof doth protest too much.

I Think….

I assume….

An unnamed news source…..

Data for CA…….

Opinions about St. george with no data…..

My water bill this month is $40

My electric bill is zero with favorable solar Net metering

I’ve never even see a sewer bill

Data showing SD real estate among the strongest in the country

Great schools

No complaints about government

Averaging two incredible concerts every week here and pro sporting events while Joe and Plumbers extend their gig the Bowl o Rama another week in St George

EP still trying to justify a long string of poor investments

That about sums it up

Hope your enjoying your retirement as much as I’m enjoying my semi retirement.

[sdrealtor]

Thx guys that helps me to hold myself accountable. I always seem to get around to running the numbers Tuesday afternoons but sometimes I get busy with a bunch of other endeavors I’m involved in.

[sdrealtor]

This past week

New 14 (15) –

Pending 13(12) –

Thats +1

Closed 9 (15) –

Total houses on the market 98 (98 last year) with a median of 2.325M (1.799M). Two years ago we were at 49 and in 2020 during pandemic peak impact we were at 110.

I think it is significant that inventory here is at the high point for the year! That speaks to the soft demand more than anything. Looking at the flow of homes coming on the market it seems skewed toward long timers or their estates more than Ive seen in the past.

Could this finally be the Boomer Liquidation so many have been waiting for. I kinda think it is but I also dont see it as a flow but rather more of a trickle so far. That could change but for now the still historically low supply is keeping prices from dropping much

[sdrealtor]

This past week

New listings 6 (2) –

New Pendings of 6 (5)

Thats 0

Closed sales at 7 (5)

Total houses for sale 16 (28) with median of $982K (980K).

There were 12 on the market 2 years ago with a 912K median.

This is such a thinly traded market it looks like demand is matching supply for the most part. The new listings seem to be skewed toward long time owners or their estates selling. Can you say Boomer Liquidation? LOL

[sdrealtor]

Catching up here also this is for last week.

New 11 (12) –

Pending 12(16) –

Thats -1

Closed 14 (13) –

Total houses on the market 93 (96 last year) with a median of 2.4M (1.999M). Two years ago we were at 49 and in 2020 during pandemic peak impact we were at 99.

Season pattern should be falling but we aren’t. If anything inventory is climbing due deals falling through and houses coming back on market after not selling. Demand feels real sluggish and sellers are mostly dug in. Prices should pull back a bit this fall but less so than last year. Sellers seem less likely to panic sell.

[sdrealtor]

Sorry need to get better at getting updates up. Ran numbers last week. here they are

Last week

New listings 6 (5) –

New Pendings of 3 (6)

Thats +3

Closed sales at 2 (2)

Total houses for sale 14 (29) with median of $982K (965K).

There were 16 on the market 2 years ago with a 887K median.

Demand seems to be waning as rates continue creeping up while supply creeps up also. Inventory increasing slowly when it should be falling. But sellers are less likely to panic sell than last year and seem to have more confidence in waiting if they have to.

[sdrealtor]

On August 4th I started this thread. The stock price was around $11 then. Today it’s in the $5s. Turn out the lights on your way out. You’re welcome.

[sdrealtor]

[sdrealtor]

This is for last week

New 10 (9) –

Pending 21(12) –

Thats -11

Closed 17 (12) –

Total houses on the market 86 (100 last year) with a median of 2.475M (1.989M). Two years ago we were at 59 and in 2020 during pandemic peak impact we were at 90.

Pendings came charging back this week which was a bit of a surprise. But demand still feels really sluggish. Inventory has been mostly flat since July 4th.

Its hard to say which way the market will go next year and Im looking for signs. Will demand rebound in Spring like it usually does? Will supply continue to drop as sellers get even more dug in? Those are the things I’ll be watching for

[sdrealtor]

Catch up time. This is for two weeks ago

New 15 (11) –

Pending 15(15) –

Thats 0

Closed 16 (18) –

Total houses on the market 91 (98 last year) with a median of 2.43M (1.989M). Two years ago we were at 57 and in 2020 during pandemic peak impact we were at 90.

Inventory bumped up a bunch surprisingly due to sales falling out and houses that were taken off market coming back on. The inventory should be in decline this time of year but its been flat to increasing slightly

For most of the year it felt like demand was low but supply was even lower. It feels like that is changing and it now feels like supply is really low but demand even lower. Rates seem to be taking their toll.

Of note that while I track SFR homes here I also follow attached homes but dont report on them. In the attached home category townhouse type properties with garages up to around $1M if not above seem to be still selling well. Entry level buyers here are still fighting to get in and it feels like the move up buyers are getting hit harder of late

[sdrealtor]

Last week

New listings 8 (4) –

New Pendings of 6 (3)

Thats +2

Closed sales at 3 (11)

Total houses for sale 12 (27) with median of $1.023M (985K). It seems like a good amount of the action is from flippers selling nicely remodeled home. The area is on the rise

There were 17 on the market 2 years ago with a 850K median.

More of the same

[Author]

Posts