An update on the Actives/Pendings report – does anyone remember when it was called the Jim Ratio? One day fellow realtor Peter B. agreed with me that a 2:1 ratio of active listings to pendings were a normal market, and boom, the Jim Ratio was born.
The Under-$1,000,000 market is scorching, with more pendings than active listings in every area! The Over-$1,000,000 market is fairly healthy looking too, and better than it’s been has since we’ve kept track.
Detached-Home Listings UNDER $1,000,000
| Town or Area | Actives | Pend/Cont | A/P Ratio |
| Carmel Vly | |||
| Encinitas | |||
| Carlsbad | |||
| LJ/DM/RSF/SB | |||
| Totals |
Detached-Home Listings OVER $1,000,000
| Town or Area | Actives | Pend/Cont | A/P Ratio |
| Carmel Vly | |||
| Encinitas | |||
| Carlsbad | |||
| LJ/DM/RSF/SB | |||
| Totals |
Contingents make up 18% of the total Pend/Cont count, and are as good as pending these days when buyers who have been hanging on for months might reap a windfall of sudden appreciation. It is a feeding frenzy!
I don’t know if “hot” is the right term. From my perspective, it is dead-in-the-water because there is nothing to look at.
It is “ice cold” from an inventory perspective.
I think that’s what makes these numbers so fascinating.
Buyers who have been looking for months/years are scoffing at the few new listings coming on the market, thinking those sellers/agents are crazy.
But look how many go pending.
Carmel Valley’s Under-$1M category is a great example.
We’re down to 14 actives today, and 43 are Contingent/Pending.
There have been 18 close escrow this year, or 2-3 per week.
With only 14 to choose from – what are buyers going to do the rest of the year?
Ice-cold is a worthy term for those content to wait on the sidelines, but for the impatient it is a nerve-wracking experience.
Jim – this is the part where you whip out your 2600 sq. ft, 3-car garage pocket-listing for me on old CV 😉