Here we saw how the NSDCC sales have been down 9% this year – how have sales been county-wide? The closed sales between January and May this year are also down 8% compared to last year, in spite of there being 20% MORE houses listed for sale than in 2017!
The cheerleaders can’t claim that lower sales are due to lack of inventory!
San Diego County Detached-Homes Sales, Jan – May:
| Year | ||||
| 2013 | ||||
| 2014 | ||||
| 2015 | ||||
| 2016 | ||||
| 2017 | ||||
| 2018 |
People want to believe that it takes longer to sell more expensive homes. But the NSDCC median days-on-market is 18 days this year, where the median SP is $1,325,000. Eight days faster in a sub-region where the median sales price is twice as much!
I am curious on the “new listings number” given all the shenanigans realtors play with the MLS, where I assume you get your data. When a house gets listed for awhile and then cancelled and relisted to show 0 days and new price, and then sells, does that show up as 2 listings in your data set?
does that show up as 2 listings in your data set?
Yes, but it’s always been like that. The 2013 frenzy probably didn’t need to refresh listings, but they are in every year since.
This year probably has more refreshed listings than last year due to a softer market, plus there are more agents who are posting their listings in both Sandicor and CRMLS which now means two listings of one property (thanks Sandicor!). Let’s knock off the 581, and just call it 16,000?
There was a moment in time when Sandicor said they were going to post the total days on market for each listing, regardless of how many times it was refreshed – but they never did it.
And still no talk whatsoever about stopping companies from posting their listings on their own corporate websites prior to MLS input. I imagine that by the end of the year, all companies will be doing it.
IMHO, after watching how agents en mass manipulate listings in NC, #listings and #DOM are impossible to know based on the MLS. It used to be some did it. Now it is full SOP for almost everyone, borderline malpractice if you don’t game it. Only rubes show price reduction history and 60 DOM. Is what it is.
Now it is full SOP for almost everyone
At least Zillow and Redfin apps show the true history, so consumers can find the truth. They have to be laughing at agents trying to hide the true DOM when it’s so out in the open.
The $1.2-$2.2m buyers are savvy and prepared, online and educated. There is a sense of urgency and a capacity to perform. That’s why DOM is low.
Then there is the double-witching group – those trying to buy in the NSDCC at the low-end of the market.
I started the first week of January with a buyer who wanted to purchase a smaller condo in Carlsbad for less than $500,000.
Six months and nine offers/properties later, we’re closing for $568,000 ($11,000 under list) for 1,450sf with 2-car garage. We tied it up before the LA knew what he had, and there are two written back-up offers hoping for a miracle.
We were discussing every new listing within an hour of input!
“Six months and nine offers/properties later”
Good for you. Well done. Get good help!
Thanks elbarcosr – there were multiple offers on every property, but we were committed to paying our price.
Shenanigans report (the environment in which we were operating):
1. Four properties were ‘sold before processing’.
2. Three properties were ’round-tripped’, where listing agent represented the buyer too.
3. One agent round-tripped two properties and both were sold before processing.
4. One listing agent said he would wait until Monday before entertaining offers, but accepted one two days early. I called, and it never occurred to him that there might have been better offers if he would have waited, or how to conduct a bidding war.
With that kind of action, as a seller, why wouldn’t you price hopefully, instead of “realistically?”
Most people would think doing the lowball or auction selling approach as, “yeah. it works great until *I* try it.”
With that kind of action, as a seller, why wouldn’t you price hopefully, instead of “realistically?”
I think it’s because most listing agents just wander into the fray – they don’t know how hot it really is – and the price they tell the seller is so much better (higher) than it was 1-2 years ago that the seller is happy enough.