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Wednesday, July 28th, 2010 at 4:30 PM

Flood Watch

Are the choppy market conditions causing more sellers to give it a go?

Specifically, are new listings on the increase, flooding the market when older reluctant listings are stagnating?  If so, it would sure give buyers another reason to pause.  The new-listing count has been higher than last year, but still historically low – here are the San Diego detached numbers:

New listings Apr May June July Totals
2008 3,984 3,766 3,686 3,721 15,157
2009 2,877 2,775 3,062 3,057 11,771
2010 3,572 3,244 3,460 2,788 13,068

No big flood to report, but the water has been rising due to inaccurate pricing. Not enough are selling, and a backlog is forming.

Today’s active inventory is 8,144 detached listings, and 3,908 attached listings, for a total of 12,052, which is 5% higher than it was four weeks ago.

July detached closings are probably going to be 20% to 30% lower than last month.  There were 2,074 detached sales in June, and so far in July we’ve only had 1,238 actually close.  So far there have been 1,656 detached listings get marked pending this month, so closings are going to be modest for the next few months, unless the short-sales can save the day.  Of the 1,238 detached closings this month, 196 were marked as short sales, or 16%, and 226 as REOs, or 18%.

Posted on Wednesday, July 28th, 2010 at 4:30 PM in Afternoon Data, Inventory, Market Conditions, Thinking of Buying?, Thinking of Selling? | 3 Comments » | Email Email | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 3 Responses

  1. Year/Total Listings Apr-Jul/average cost psf of solds

    2002/12,972/$237

    2003/13,011/$274

    2004/16,136/$366

    2005/16,494/$371

    2006/18,360/$362

    2007/17,133/$342

    2008/15,157/$254

    2009/11,771/$239

    2010/13,068/$257

    Jim the Realtor | July 28th, 2010 at 6:10 pm

  2. Looks like we did bounce a bit there from the 2009 lows but the higher priced properties are still getting pounded.

    A high-end REO just closed in south mission hills for 19% more than the 1998 sales price.

    pemeliza | July 28th, 2010 at 7:14 pm

  3. Rich Toscano’s latest charts of the Case-Shiller index, after it’s 13th consecutive increase:

    http://www.voiceofsandiego.org/toscano/article_2bd3318a-9a97-11df-b500-001cc4c002e0.html

    Jim the Realtor | July 29th, 2010 at 6:57 am

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