If sellers were feeling a sense of panic about the market – and prices – we would be seeing more new listings hit the market.
Let’s boil it down to one simple comparison.
Are there more listings than usual coming to market?
NSDCC Listings, November
I wouldn’t be too concerned about the median list price being lower. The list prices don’t mean much, and if it weren’t for an extra 13 lower-end listings then the 2018 median LP would have matched last year’s.
More listings, longer market times, and higher failure rates are in our future – and we can handle it!
There have already been ten listings from last month close escrow – five were sold off-market – and another 54 are pending, so somebody’s buying something. Here are three examples:
1. This 2-br house sold for $1,400,000 in March, 2018, and then was advertised as a Coming Soon for $1,695,000. It closed for $1,650,000 a month ago:Link to Listing
2. Amy and Susan sold this CV house for $51,000 over list, and closed this week:Link to Listing
3. This Cardiff house backs to the freeway but it does have ocean view – it just closed this week for $1,950,000, which was above the high-end of the range:Link to Listing
Here is the sales history of the same house:
If sales dropped 20%, we’d still have 80%!