The last period had 87 new listings, and 64 new pendings – this period produced a 77:69 mix of new and pending listings. Of the 69, there were 22 that were on the market seven days or less (32%):
The UNDER-$1,200,000 Market:
| Date | ||||
| April 29 | ||||
| May 5 | ||||
| May 9 | ||||
| May 18 | ||||
| May 23 | ||||
| May 30 | ||||
| June 5 | ||||
| June 11 |
The OVER-$1,200,000 Market:
| Date | ||||
| April 29 | ||||
| May 5 | ||||
| May 9 | ||||
| May 18 | ||||
| May 23 | ||||
| May 30 | ||||
| June 5 | ||||
| June 11 |
Buyers want to find their new home by mid-July at the latest so they can close escrow and get settled before school starts in fall. The next five weeks are going to be an excellent time to sell a house around NSDCC.
We’re seeing lots of OPTs with 60+ DOM in the coastal zone.
Everything priced reasonably is gone.
Seems so. A lot of ‘me-toos’ hanging around, especially in the 1.2+ crowd. Basic Scenario. Rehabbers bought house last year for 1.0. Put 75-100k into it, just sold it for 1.35. Neighbors in their original condition house see this and list for 1.35 hoping to catch a jilted buyer or really thinking that all square feet are created equal. The crickets are getting louder every day. With the rate bump and school year buying coming to a close shortly, most will just pull them and stay put and try again next spring I would guess.
The interesting stat I noticed, at least in the zips I follow, is that there were 28 “back on market – no fault of property (of course)” in the last 30 days, and all of them remain active. Moral of the story for listing agents is to pick your prospective buyer carefully as the other buyers stalking around quickly move on and don’t necessarily come back.
Thank you elbarco – very accurate assessments!
“The next five weeks are going to be an excellent time to sell a house.”
As a buyer, will things start looking better for me after mid-July?
There will be less competition if there is anything to buy.
We’ll lose some buyers who instead focus on school and football, and that quickly rolls into the holidays.
But it will be a surprise if there is any surge in listings.