Casual observers won’t notice the subtle change, but the active inventory of detached homes around NSDCC is creeping up.
It’s because there aren’t as many properties opening escrow. With it being the prime spring selling season, the sellers (and their agents) will want to wait another month or two, rather than lower the price.
The last time we checked, the new-listings-to-new-pendings count was 89:74 – this period was slightly slower at 76:57.
| Date | NSDCC Active Listings | Avg. LP $$/sf |
| Jan 14 | ||
| Feb 4 | ||
| Feb 10 | ||
| Feb 25 | ||
| March 6 | ||
| March 11 | ||
| March 16 | ||
| March 23 | ||
| March 31 | ||
| April 5 | ||
| April 11 | ||
| April 17 | ||
| April 22 |
The market shift won’t be that noticeable is because there are still plenty of hot sales. Of the 57 pendings this period, 23 of them sold in 10 days or less.
But today’s list prices are being determined by adding a little extra to the 10% already gained this year – and buyers are already wondering how long this can continue.
The pricing momentum is also being undercut by old short-sales (and other shenanigans) now closing at prices that are well under comps:
This is $100,000 under current value:
http://www.sdlookup.com/MLS-130001552-2576_Ingleton_Ave_Carlsbad_CA_92009
Same with this one:
http://www.sdlookup.com/MLS-120030060-2930_Avenida_Valera_Ave_Carlsbad_CA_92009
Good data, Jim. Thanks.
New pendings slowing due to higher listing prices, perhaps?
It took us close to 9 months to close our short sale we purchased. Has the process gotten any better? The comps for our house we’re literally a year old by the time we closed.
As for other shenanigans, yes, it seems RE deals are even dirty than congress and wall street.