by Jim the Realtor | Aug 7, 2023 | Inventory, Why You Should List With Jim
The number of homes for sale between La Jolla and Carlsbad will probably decline for the rest of 2023, even though the pendings counts are as high as they have been all year.
Is the number of pendings higher because pricing is soft, and getting softer?
Generally, the list pricing is fairly steady…..of the unsold listings:
There probably won’t be a noticeable pricing dump the rest of the year – just the occasional deal – because the 2024 Spring Selling Season is only six months away. For most sellers, it’s better to wait, than dump.
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by Jim the Realtor | Jul 31, 2023 | Inventory
It looks like the inventory between La Jolla and Carlsbad may have peaked for 2023. After the inventory shortage we’ve experienced, it’s hard to imagine a surge of new listings in August/September.
The pendings count is at their highest point of the year! Hopefully we can eek out another few weeks of heightened activity before both the buyers and sellers shut it down for the year.
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by Jim the Realtor | Jul 24, 2023 | Inventory, Jim's Take on the Market, Why You Should List With Jim
In the past week, there were 18 FEWER new listings and 15 MORE new pendings than the week before – and boom, the mid-summer surge continued….but only for some, not all.
A good example of the current market conditions is one of the La Costa Valley 6 that we’ve been following. After four price reductions and 64 days-on-market, this became the best value available and went pending:
https://www.compass.com/app/listing/2871-vista-acedera-carlsbad-ca-92009/1299560759783040497
It typifies the struggle for home sellers. Either you can take corrective action to ensure yours is the next to sell, or you can wait. But waiting increases the days-on-market statistic, which invites lowball offers.
Last week, I spoke with a listing agent about a home that had been on the market for three months. They had eight showings in the first two weeks, and NONE since. Buyers are assuming that it’s not worth anywhere close to the list price, and they have no interest in even looking at it, let alone buying it.
Sell in the first two weeks your home is on the market when urgency is higher, or risk getting lowballed.
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by Jim the Realtor | Jul 17, 2023 | Inventory
In normal times, around 60% of all listings would sell. During the hottest frenzy times, it was up over 80%!
But now with the number of active listings rising like a rocket, it probably means a couple of things:
- The 2023 selling season is closing out.
- Half of the houses on the market today probably won’t sell.
While there is time for sellers and agents to adjust their price, it is unlikely they will do it soon enough, or low enough. You can see here that there hasn’t been much movement in the trends until recently:
Admittingly, this is more of a higher-end concern but even the $4,000,000+ market isn’t dead. There are 187 listings priced over $4,000,000, and 47 pendings, which is a ratio of 4:1 – which is decent!
But it looks like the Big Fadeaway is commencing.
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by Jim the Realtor | Jul 10, 2023 | Inventory
The number of active listings breached the 400 level this week for the first time since October.
In 2022, the high mark of active listings was 480 on July 25th – here’s how last year looked:
LAST YEAR:
Last year, the pendings count dropped off steadily once rates went up. Buyers in 2023 have come to grips with higher rates, and those who need a house have stayed in the fight this year.
Today’s 176 pendings is the highpoint of 2023!
With more inventory, this mid-summer surge should last a few more weeks.
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by Jim the Realtor | Jul 3, 2023 | Inventory, Jim's Take on the Market
The number of pendings surged with the largest weekly gain of the year – 48 detached-home sales between La Jolla and Carlsbad opened escrow since last Monday! This year’s previous weekly high was 39.
There should be another 2-3 weeks of heightened activity as buyers scramble to secure a home and get comfortable before school starts. We have three new listings coming – stay tuned!
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by Jim the Realtor | Jun 26, 2023 | Inventory |
Yoohoo – home sellers? You may want to adjust your price expectations!
What does the practically-vertical trend in active listings mean? It means home buyers are getting pickier. They are emboldened when they pass on a house, and then see everyone else passed on it too. It causes them to be less crazy next time.
The rest of the year should be similarly conservative, and only the very best offerings will sell.
But that’s fine – is it a big deal for the rest to wait until next year?
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by Jim the Realtor | Jun 23, 2023 | Frenzy, Inventory, Market Conditions
San Diego is the #1 area that homeowners don’t want to leave! Don’t you get the feeling that we are going to out-perform every other real estate market in America for a long time to come?
Today we have 2,293 active listings of attached and detached homes in the county – population 3.3 million!
by Jim the Realtor | Jun 19, 2023 | Inventory |
The active (unsold) listings keep stacking up, and the pendings are drifting off – which means sellers are content to let their price ride, rather than adjust. They’re not going to give it away!
NEWS FLASH: We are running out of time. Next Saturday is July 1st!
In the end we will call it seasonal, but this is what happens in a normal market. The sellers keep pushing on price, and it wears out the buyers – and soon everyone will be waiting for next year.
P.S. The median LP is $3,750,000, and one quarter of the active listings are priced at $6,497,000 or higher!
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by Jim the Realtor | Jun 12, 2023 | Inventory |
Although the San Diego metro market is leading the nation in YoY inventory reductions, the active (unsold) listings are piling up in the La Jolla-to-Carlsbad market (above). It means more sellers aren’t realistic about their price, and the best time to sell a house will run out before they adjust enough.
In the end we will call it seasonal, but this is what happens in a normal market. The sellers keep pushing on price, and it wears out the buyers – and soon everyone will be waiting for next year!
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