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Monday, August 30th, 2010 at 3:15 PM

Hope for Homebuyers

Either sellers and agents are starting to pay attention, or the reach of bubbleinfo is improving, because list prices appear to be coming down nicely - hat tip to RE for sending these in:

OLD CARLSBAD

ENCINITAS

LA JOLLA

PACIFIC BEACH / MISSION BEACH

PT. LOMA

CORONADO

CARMEL VALLEY

Posted on Monday, August 30th, 2010 at 3:15 PM in Afternoon Data, Market Conditions, Thinking of Buying? | 20 Comments » | 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: 20 Responses

  1. Wouldn’t it be ironic if by the time the sellers get the message to lower prices the buyers disappear because they think a new tax credit might be coming.

    http://www.calculatedriskblog.com/2010/08/lawler-hud-secretary-may-have-just-made.html

    livingincali | August 30th, 2010 at 3:40 pm

  2. Wow. I wasn’t expecting to actually see such a sudden dropoff in prices, but there it is!

    Erin | August 30th, 2010 at 3:50 pm

  3. We’ll take a closer look, we think it is the median list price psf they are charting (in red).

    It could be impacted by fewer small homes listing?

    Jim the Realtor | August 30th, 2010 at 3:53 pm

  4. Does Redfin have a problem…how could encinitas drop from $400/sqft to $250/sqft overnight? or are these just new listings?

    Wood | August 30th, 2010 at 4:42 pm

  5. Why is list price line trailing the sales prices line in time?

    Travis | August 30th, 2010 at 4:57 pm

  6. If this data is as good as it looks and can follow the trend for 2 months, I am buying.
    Its worth the wait.

    LongTimeRenter8Years | August 30th, 2010 at 4:57 pm

  7. Either way for the most part sellers are beginning to take note…you’re not going to get those pie in the sky prices anymore.

    Matt | August 30th, 2010 at 6:39 pm

  8. List price trailing sales price in some areas is location and quality. Buyers will pay for the premium location and quality, even if the cost of the home is higher than the list price.

    Richard | August 30th, 2010 at 6:46 pm

  9. Anyway we could see those for RSF and Del Mar?

    Joe | August 30th, 2010 at 9:19 pm

  10. As much as I’d love for this to be true, I’m not seeing this pricing trend in real life. Is there something I’m missing? Maybe all the higher-end properties are being pulled off the market?

    CA renter | August 30th, 2010 at 9:58 pm

  11. Agreed, and it must be in part due to how goofy the median of anything is.

    What do you get when the ppsf is lower?

    Typically it’s the big warehouse-type homes, the 4,000sf for $950,000 = $237.50-per-sf types.

    These are all from redfin, I need to do my own checking. If it’s wrong, it’s Redfin’s fault :)

    Jim the Realtor | August 30th, 2010 at 10:17 pm

  12. I’m pretty sure it’s a Redfin glitch. If you search for active house listings in 92024 directly instead of trusting the chart, you see 269 listings with a median ppsf somewhere around $375. SDLookup reports the median ppsf of $371.

    Nameless | August 30th, 2010 at 10:26 pm

  13. I checked, and agree with nameless, there is little drop off lately in the median LP of any of the zip codes listed.

    All listings, and new-listings-only have very similar medians in all zips.

    Redfin, what say you?

    Jim the Realtor | August 30th, 2010 at 10:34 pm

  14. But then again, I’m trusting that SandicorMLS is accurate, which isn’t a given.

    Stick with the videos?

    Jim the Realtor | August 30th, 2010 at 10:36 pm

  15. I believe there’s something wrong with the extremely recent data on Redfin’s charts. It also appears that the number of listings they are tracking drops to zero, screwing up the numbers.

    Geotpf | August 31st, 2010 at 7:13 am

  16. Beware, RedFin was having data aggregation issues. Charts in my area were pulling data showing zero units for sale. Which is not the case. Don’t know if any similar issue on list prices is being corrected.

    Sean | August 31st, 2010 at 7:31 am

  17. Sorry for the confusion regarding the graphs. We are experiencing data issues on the Redfin.com site that should be resolved shortly.

    Until the issues are fixed we’ll be posting a notice to those pages alerting everyone to the issues.

    Again, apologies for the confusion, and thanks for the keen eye regarding the data.

    I’ll be sure to post another update once the data is fixed. For more information check out our forums:
    http://forums.redfin.com/t5/Website-Questions/Heads-Up-Charts-amp-Graphs-are-Busted/td-p/127067

    Michelle Broderick
    Redfin.com

    Michelle Broderick | August 31st, 2010 at 10:04 am

  18. Richard (#8) – I can understand that list price will be higher/lower than sales price. What I was trying to ask is why does sales price have data for August, but it looks like list price data ends in July? Thanks.

    Travis | August 31st, 2010 at 10:31 am

  19. Yow, now if those stats were right, half the readers of this blog would pass out with joy. I would be personally worried about Shadash!

    But there’s no way those numbers are even remotely close. I’ll be curious to see the revisions.

    Aztec | August 31st, 2010 at 12:22 pm

  20. Just a note to let everyone know that the graphs are back to normal.

    Thanks for your patience and understanding!

    Michelle Broderick | September 7th, 2010 at 6:28 pm

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