Yesterday reader Mozart mentioned how the inventory number had spiked over at the Department of Numbers:
http://www.deptofnumbers.com/asking-prices/california/san-diego/
But the 36% increase is a mistake – today, there are 6,575 detached and attached active listings on the MLS. They had the same type of occurance last year too, and the following week it dropped back down to the correct number.
The pricing is messed up too – have you seen any sellers backing down? Me neither, and certainly not in the beginning of April – they will wear out the selling season before thinking about a lower price.
Here are the recent weekly counts of new listings of detached and attached homes around NSDCC:
| Week | ||
| Feb 18-24 | ||
| Feb25-Mar3 | ||
| Mar 4-10 | ||
| Mar 11-17 | ||
| Mar 18-24 | ||
| Mar 25-31 | ||
| Apr 1-7 |
No flooding here – a fairly steady stream though.
Last year the increase of new listings between the months of March and April was only 6% – it probably won’t be much different this year. Without new meat, the sales momentum won’t be as predictable.
Thnaks Stormin for sending this in:
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Do you happen to know the total inventory for NCCSD? Do you think it’s relevant or just the new listings?
And, is there more action or higher appreciation in condos now that SFR’s are at or near all time highs?
Today, there are 858 NSDCC detached homes for sale, but only 287 listed in the last 30 days. The rest are irrelevant until they drop their price a bunch, or the market catches up with them. At the current rate of roughly 1% per month appreciation (max), it may take a while to catch up!
Here is the breakdown by price range:
https://www.bubbleinfo.com/2014/04/07/inventory-watch-4/
I haven’t been tracking the condo market but more activity there may not coincide with the push for quality. Renting, instead of buying a condo, would probably be preferred for family types, because there aren’t many larger units built anywhere in NSDCC. Downtown SD is probably cooking, though the condo actives-to-pendings ratio is 242:101.
I see your point. If it’s good it sells quick.
Thanks for the info!