Rich uploaded his most recent set of 12 graphs here:
Sales have been as strong this year as any of the last four years:
With having a smaller supply of active listings to consider – about half as many as last summer:
In total, there have been about 11% fewer homes listed this year, compared to last (42,500 vs 48,000), but we’ve closed about 10% more through August 15th. It is interesting that it only took that much of a swing to ratchet up the market to a frenzy-like feeling and talk of rising prices.
SD County Closed Sales, Jan 1 to Aug 15
|Year||# of Sales||Avg. $/sf||DOM|
The pendings are solid too. On other graphs Rich is showing about 7,000 in July, but on the MLS today there are 4,407 contingents, and 5,322 pendings, for a total of 9,729 (which should help the August and September closed sales look pretty good).
I think there have been fewer over-priced turkeys, which would cause the market to run leaner than usual, which I think is acceptable once we get used to it. Pricing precision is available to everyone who is paying attention, so hopefully the lack of OPTs is due to the players utilizing their improved market knowledge.
It has been a rip-roaring summer!