The active listings of detached homes from La Jolla to Carlsbad:
| Date | NSDCC Listings | Avg. LP $$/sf |
| Jan 14 | ||
| Feb 4 | ||
| Feb 10 | ||
| Feb 25 | ||
| March 6 |
In February, there were 369 new listings, and 297 listings that went pending (not counting contingents) – slightly slower than our last reading of early February when it was a 1:1 ratio of new listings to pendings.
The average list price of February’s pendings was $439/sf, so it is the higher-end product that is sluggish.
It wouldn’t take much to slow this train down.
If we have 15-20 Carmel Valley resale homes under $1,000,000 get listed in March, it would soak up some of the demand, and leave everyone else wondering what to expect. But that is a big IF – only two have listed so far, one at $979,000 and the other at $999,999.
Carmel Valley is the example here, plug in the same 15-20 new listings into the lower-end of your market and you’d see an initial frenzy to gobble them up, but then what?
The pricing is outrageous too, and it has to be causing buyers to want to hesitate.
In 4Q12 there were 57 houses that closed escrow under $900,000 in Carmel Valley’s 92130 zip code.
There had to have been several buyers who thought that once they get past the holidays, they would get a sub-$900,000 house too.
But here we are a few weeks later, only 2 houses have listed under a million in the last week – and just barely under.