While the whole NSDCC market feels like it is cooking, the inventory shortage and resulting dash to tie up properties is restricted to the lower end of each area.
We’ve considered a 2:1 ratio of active listings to pendings to be a fairly normal market, and the higher-end of local markets are in that range – or worse. But the lower-ends have been scorching hot:
Detached-Home Listings, Under/Over $1,000,000
|Town or Area||Zip Code||Under $1M Actives/Pend+Cont||Over $1M Actives/Pend+Cont|
It supports the notion that there isn’t much move-up buying, at least not up into our higher-end regions. Most sellers fall into three categories: those leaving the county, estates that are liquidating, and the exhausted over-encumbered folks. It is similar in the ultra-high end markets too:
Detached-Home Listings, Under/Over $2,000,000
|Town or Area||Zip Code||Under $2M Actives/Pend+Cont||Over $2M Actives/Pend+Cont|
The contingents make up about 25% of the Pend+Cont totals, and would make those categories appear slightly bloated, but the short-sales are more likely to close now than ever – because buyers are willing to hang around longer.
Want to purchase a house around North SD County’s coastal region for less than $1,000,000? You can expect a very challenging competition for the good buys. Want to spend more than $2,000,000? You’re in the driver’s seat!