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1 year ago

And here we are. Back in February I said we won’t see what’s really happening in the data until May/June. It’s June now and we are seeing it. Inventory down y-o-y. Listings way down y-o-y. Prices trending up and recovering the losses of last fall. It was all obvious back in February based on data I collected and now it’s finally in the current data. Why I always say the data is 4-6 months behind. See for yourselves

1 year ago

For what it’s worth: rents continue to climb but I have the impression the listings fall into two broad categories: if a home is properly priced, it will go very quickly (usually within a few days). If the listing is overpriced, it will sit for up to several weeks.

More SFH (3/4 BR) in 4S-92127, San Marcos 92078 are above $5K.

Not much newish supply in 92027 (Escondido) and sometimes the prices are similar to more ‘posh” areas.

Seems many are trying for the $5k to $5.5K range regardless of size. Some ever try for 6K+ but it slows down there. Actually a little astonished I am writing this.

Always intrigued when I see multiple contacts for homes above 6K but no movement.
I guess it is both sides exploring.

One tenant did move out to a lower priced rental but I think he may be disappointed when he gets his first electric bill. The $1100 rent savings going to a 3 BR may only be half that once he factors the lack of solar but it was not a problem to find a well qualified renter in a few days.

Given I did start higher but came down some until the response rate came up.

My takeaway is, don’t always use the number contacts on Zillow for higher priced rentals a a guage of interest when doing a new listing. Need to sanity check yourself some.

1 year ago

Looks about as expected. Thanks, Rich!

11 months ago

With no anticipation of a shock in the system either direction, I’m guessing we’re all just here to see the charts keep moving sideways.

11 months ago
Reply to  Jmw2

Pretty much. Unemployment flat at historic lows and hasn’t budged all year. High interest rates discouraging unnecessary moves. We’re going through the height of the selling season and pendings are anemic. Looking like another boring year, but I do like boring.