For those who are casually observing, it is tough to fully grasp the frenzy-like market activity that has been on-going this year. It seems to intensify each week, as buyers gravitate to each new listing and quickly examine its worth.
If all you see is a listing go pending during its first week on the market, it probably isn’t that remarkable. But the action behind some of these makes you think that the demand has a long ways to go before being satisfied.
Here are some examples:
We’ve been stalking the Water’s End complex west of the I-5 freeway in SW Carlsbad for the last couple of years. ProfHoff finally scored the right house, at the right price for her and her husband Tom, paying $740,000 last month.
They are on the same street as this one:
In the confidential remarks it says that the seller is “very firm” on price, and they were only offering 1.5% commission to the buyer’s agent – and it still went pending after seven days on market!
Remember the flipper on Nardo in Solana Beach (who paid $729,000 in November)? It was marked pending right after we saw it here, listed on the range $995,000 to $1,089,000:
There was a time not long ago that we thought we should be buying newer 3,000+ sf tract houses in Carmel Valley in the $900,000s? Here’s a 3 br/4 ba, 2,424sf house built in 1986 (but decked out since) that listed for $947,000 that didn’t even make it to the open market – it was submitted right into pending:
We saw this 2,135sf Torrey Hills listing here, offered on the range $719,000 to $759,000, and it went pending after 15 days:
That’s about a 5% increase in a month!
Del Mar remains hot, with several houses closing around $1,000/sf – but those were mostly teardowns closer to the $1,000,000 mark. This 2,306 sf house built in 1959 had been on the market for $2,500,000 for 150 days with no price reduction.
It went pending last week too:
We saw the video tour of my new Encinitas listing here.
It found two offers within the first 48 hours of being on the market, and sold for full price, $629,000 – a nice 6.7% increase over what the sellers paid for it 11 months ago:
My Carmel Valley listing featured around the world thanks to the AP went pending too.
Hopefully the sellers (and listing agents) of the properties that aren’t selling will realize how hot the market is – and we see an increase in price reductions now that July is less than two weeks away!