Inventory Watch – Summer

by | Jun 11, 2013 | Inventory | 5 comments

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
NSDCC Active Listings
Avg. LP/sf
DOM
Avg SF
April 29
201
$384/sf
36
2,599sf
May 5
195
$381/sf
36
2,633sf
May 9
207
$387/sf
35
2,624sf
May 18
241
$397/sf
33
2,566sf
May 23
236
$397/sf
34
2,529sf
May 30
230
$391/sf
35
2,591sf
June 5
229
$393/sf
35
2,577sf
June 11
239
$390/sf
34
2,569sf

The OVER-$1,200,000 Market:

Date
NSDCC Active Listings
Avg. LP/sf
DOM
Avg SF
April 29
620
$806/sf
94
5,183sf
May 5
606
$806/sf
93
5,223sf
May 9
628
$808/sf
93
5,150sf
May 18
653
$807/sf
92
5,161sf
May 23
661
$814/sf
92
5,141sf
May 30
659
$805/sf
95
5,222sf
June 5
663
$794/sf
96
5,185sf
June 11
672
$779/sf
96
5,163sf

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.

5 Comments

  1. W.C. Varones
    W.C. Varones on June 11, 2013 at 7:38 am

    We’re seeing lots of OPTs with 60+ DOM in the coastal zone.

    Everything priced reasonably is gone.

  2. elbarco
    elbarco on June 11, 2013 at 8:34 am

    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.

  3. Jim the Realtor
    Jim the Realtor on June 11, 2013 at 8:58 am

    Thank you elbarco – very accurate assessments!

  4. Paul
    Paul on June 11, 2013 at 2:37 pm

    “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?

  5. Jim the Realtor
    Jim the Realtor on June 11, 2013 at 2:49 pm

    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.

Pin It on Pinterest