Maybe there is a new equilibrium? Home sales last three years seem very consistent. If we are stuck at 6% mortgage, maybe this is the norm. Wonder if housing stats in the 80’s look like now? Maybe the ultra low zero rate environment is the anomaly and now is actually the norm. Where realestate is primarily for people to live in and pros to flip, and seasoned investors to buy. No more easy riches in the realestate market and less excitement about it. Until the next big world event…
SDLiving
15 days ago
Hey Rich! With all the construction in condos/apartments, I’m curious what the metrics look like comparing detached to attached. Is that something you anticipate charting again?
I’m completely a spectator now and really not focusing on what’s going on like I used to but I do get regular emails from Zillow and redfin for my area and the areas I followed. Single-family seems to be holding firm especially the premium homes that attract multiple offers. One right around the corner from me had eight offers the first weekend and went $350,000 over asking price. On the other end, the condo market seems very soft to me. A family member sold her townhome about a year ago and I don’t know that she could get the same price today. As nice as her place was, I would guess she’d get 5% less right now.
Maybe there is a new equilibrium? Home sales last three years seem very consistent. If we are stuck at 6% mortgage, maybe this is the norm. Wonder if housing stats in the 80’s look like now? Maybe the ultra low zero rate environment is the anomaly and now is actually the norm. Where realestate is primarily for people to live in and pros to flip, and seasoned investors to buy. No more easy riches in the realestate market and less excitement about it. Until the next big world event…
Hey Rich! With all the construction in condos/apartments, I’m curious what the metrics look like comparing detached to attached. Is that something you anticipate charting again?
The MLS data shows substantial divergence between attached/detached on several metrics.
https://sdar.stats.10kresearch.com/docs/hso/x/report?src=page
I’m completely a spectator now and really not focusing on what’s going on like I used to but I do get regular emails from Zillow and redfin for my area and the areas I followed. Single-family seems to be holding firm especially the premium homes that attract multiple offers. One right around the corner from me had eight offers the first weekend and went $350,000 over asking price. On the other end, the condo market seems very soft to me. A family member sold her townhome about a year ago and I don’t know that she could get the same price today. As nice as her place was, I would guess she’d get 5% less right now.
Not planning to start charting condos but here are some yoy stats for both. Condos looking quite a bit weaker as sdr observed.
price/sq ft
single family +1%
condo -7%
active inventory:
single family -19%
condo +8%