The March sales will look bleak to the casual observer.
When you compare these preliminary numbers (late-reporters might add another 5% or so) to the frenzied-up March, 2013 counts, the differences are -29% and -22%.
March Sales of Detached-Homes
| Year | ||||
| 2010 | ||||
| 2011 | ||||
| 2012 | ||||
| 2013 | ||||
| 2014 |
You can’t blame it on the weather – it’s been spectacular here the last few months. Rates have been in the 4s and remarkably steady since July, so buyers are accustomed to them now. Mortgage underwriting might be slightly easier, though case-by-case (FICOs down to 550 for FHA at a few lenders now).
What does inventory tell us? The Under-$800,000 market around NSDCC is hot, but above that it is murky.
The number of homes for sale between $800,000 and $2.4M has risen 30% since the start of the year, and their avg LP/sf has dropped 5% to 10%:
https://www.bubbleinfo.com/2014/03/31/inventory-watch-more-steady-2/
The simple answer is that more sellers are priced wrong, but heck, this is the priced-to-see-if-we-get-lucky season. Sellers will probably wait until May before giving up hope.
You can’t blame sellers for being optimistic when the average SP-per-sf is still rising. But sellers who are priced over $1,000,000 and have been on the market for more than 30 days should start sharpening their pencil now, and get going while we know there are plenty of buyers left.
There are always statistical oddities, but this was a wild one.
The identical sales counts in SD Co. for 2010 and 2011, and the same NSDCC sales in 2011 and 2012 were triple-checked.
Still say the weather back east had a big impact everywhere.
Give it another month IMO.
Bad weather back east had impact on San Diego sales? Love the optimism!
Do you have the Padres in the World Series too?
The lower number of sales is due to the lack of people hiring jim the realtor and dropping out of escrow over home inspections and other rookie moves.
Yes, and easy to fix!
What great numbers, wow. Look at the price per sq.ft. So what if volume of sales is low. Inventory is low, right? Not as much to buy. Tells me that anything remotely good will go for a premium price, but that OPT’s will contnue to get ignored. Nothing to see here. Carry on.
We’ll see if the media goes with that spin.
This is the perception business, unfortunately.
Hey they beat the Dodgers ! LOL
Took a peek at our old friend 92130. Of the 22 houses listed in January between 1.0-1.7, only 3 are active, the rest are pending or sold. Of the 31 listed in February, 12 are active, the rest are pending or sold. For the 35 listed in March, 11 are already pending, and its only April 2. I’m not entirely sure how people can spin that to say the sky is falling and things are sitting around not selling, but I guess where there is a will, there is a way.
It adds up to 42 for sale though, listed at avg $394/sf. and 35 DOM.
There were 17 sold in last 30 days, avg $395/sf and 27 DOM.
The inferior homes are being picked over, and passed by.
I’m not saying the sky is falling, the mainstream media will do that.
42 is a lot of choices, and the most recent crop of new listings is really pushing it. She’ll probably sell this, but it’s a project and it overlooks the street to see the ocean:
http://www.sdlookup.com/MLS-140015587-13394_Pantera_Rd_San_Diego_CA_92130
Or how about this one? With the shorter wall you get full impact from both side neighbors and look at three houses behind that are so close to each other they feel like one solid stucco wall:
http://www.sdlookup.com/MLS-140016294-5559_Gamay_Way_San_Diego_CA_92130
I still just don’t get CV. Those houses are junk for $1M plus. I know schools, location…I just don’t see it.
Stand by – wait until u see tonight’s video!
Beachtree, I’m not a big CV cheerleader, but I understand it. Junky house, junky location, junky schools. Which of the three can a buyer fix? Plus CV provides ‘insta neighborhood’ where parents can pretty much can put it on autopilot and not have to fret over this school or that school or schlep the kids all over creation every day; its all right there. Also you don’t have the prospect of slugging that last 15 miles to get up to Cbad.