This summer’s 3-mo moving averages look quite different from last year.
In 2014, the list-pricing started to falter as summer approached, and stumbled along until this spring. But since then, we’ve been on a tear!
How can it be explained? The lower-end buyers are more affected by rising rates, so maybe they are scrambling to buy anything affordable while they can?
According to the MLS, the San Diego County detached-home sales are 7% higher for the first seven months of 2015, compared to last year! Summer sales this year are hotter than the 2013 frenzy levels in the graph below.
Any decent houses-for-sale have been gobbled up so quickly that the inventory appears bleak to casual observers who only see low numbers and lousy offerings left behind by the more-motivated buyers.
The casual buyers and sellers will check out once school starts – leaving the rest of this year to the motivated players on both sides.
When is the best time to buy? When everyone else isn’t!
The summer market is winding down, and the unsuccessful sellers will be cancelling their listings over the next two months – which is great for buyers. Why? Because any new listings won’t be using those OPTs as price indicators!
Click on the link below for the complete NSDCC active-inventory data:
The transition of our daughter Natalie moving to Los Angeles has begun. We went with her for a weekend dance convention, and used our hotel points collected over the last 10-20 years to score a free room in a downtown hotel.
Little did I know that it was five minutes away from the Petros and Money summer tour stop, so I talked Donna into going – just to say hello to the ultimate Laker homer, Vic the Brick.
Plus they have a colorful history of values that goes to 2016, so at least some of these are speculative. Each dot on this map represents one house – the color represents whether the house is increasing or decreasing in value that month:
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