I was telling someone over the weekend how the local market has been smoking hot lately – at least for those sellers who list their home for a reasonable price.
He responded with a guffaw, and the usual indignation, “That’s not what I’ve been reading”.
Here are the current market statistics – except for the stubborn high-enders, the rest of these categories have more pendings + contingents than active listings. We haven’t seen that since the height of the frenzy in 2003 – and January sales were up too:
|Area||ACT||PEND+CONT||Jan’12 SOLD||Jan’11 SOLD|
|NSDCC det. $800K-|
|NSDCC det. $800K+|
Yes, I’m counting the contingents as pendings now, and it’s for two reasons. 1) They are getting approved quicker, and 2) with few other options, buyers are more likely to stick. If buyers do bail out on one contingent, it’ll be because they found another, so the pending/contingent count would stay the same. The numbers are somewhat bloated due to the short-sale backlog, but if the ACT/PEND+CONT counts were lower than 2:1 it would still be a healthy market.
Thankfully they came on at higher prices, but none of them have the high-speed location that mine does 😆 >>>>>
I have probably received another 15-20 inquires about the listing, even though buyers and agents have full access to satellite photos and video tour. There is high demand in CV!
For those who want more proof, examine these recent pendings/solds in Carmel Valley.
Most curious is the market time – a few houses that have sat for months have popped off lately, though this first one only lasted four days on market, listed higher than his 2006 purchase price (you’ll need a redfin account to see pendings):
The bears can still hope that the high-end will be the next market to implode, and crush everybody below. It could happen, and as long as you are looking for doom and gloom, don’t forget Greece, Iran/Israel, Afghanistan, elections, the Padres – there’s plenty of bad news out there.
But apparently there are a load of buyers who are ready, willing, and able to take advantage of lower rates and prices – and aren’t reading in the right places?