Stale & Bleak
As summer winds down, the only listings left are those that have been picked over – and the majority have been kicked around for months.
Here is the rundown of the current active listings of detached homes from Carlsbad to La Jolla:
REOs – 10
Short sales – 30
“Traditional” - 1,007
Total = 1,047
I guess we can call this a non-distressed market?
But it appears to also be an un-motivated market too, because anyone who is close to having the right price has sold by now – at least anyone whose list price was within 5% to 10% of being right.
Yet the majority of elective sellers aren’t willing to adjust their price enough to get in the game.
571 of the 1,007 houses for sale were listed for sale prior to June 1st, and their average is 160 days on market.
They are missing the hottest market in years. There have been 17% fewer houses listed this year, compared to 2011, and mortgage rates are setting new-record lows every day.
For those buyers hoping to spend less than $1,000,000, the news couldn’t be much more bleak. Ignoring the majority because they are crusty and stale by now, let’s focus on the 436 houses listed since June 1, 2012.
Of those 436, there are 327 of those priced over $1,000,000, which leaves just 109 houses for sale priced under $1,000,000 that have been on the market for less than 53 days in NSDCC (an area that has approximately 80,000 houses total).