Previously we experienced a healthy market when actives outnumbered pendings 2:1. Then as the market heated up, we got used to the 1:1 ratio. Now we have areas where the ratio is more than 1:2! NSDCC Detached-Home Active and Pending Listings Town or Area Zip Code...
San Diego County has 3.338 million people, plus more affluence arriving daily. There is 27.5% of the SDCo population that is under age 18. 3,338,000 x 72.5% x 7.6% = 183,923 millionaires in SD County! You can imagine the horsepower that homebuyers are up against -...
I love hearing from new readers! Hi Jim, I have recently stumbled upon your blog and find it very interesting as I am an appraiser in San Diego. I wonder if anyone has considered that the low inventory levels are in part because home prices are going up so fast why...
The NYT has another article lamenting the drop in the number of homes for sale, and offered some reasons, like covid reluctance, sellers skittish about finding their next home, forbearance relief, the lack of building new homes, and people keeping their old home as an...
This morning we have more homes in escrow than we have for sale! NSDCC Detached-Home Listings Listing Status # of Listings Median List Price Active 352 $3,950,000 Pending 353 $1,925,000 Once upon a time I was discussing the actives/pendings relationship with local...
I think we can say that February has been at least as hot as January! It may be irrational exuberance, but it's going to continue until there is significant boost in supply. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Are we getting any more inventory? Are more homes coming to market? There have been a few more good listings, which gives hope. The Super Bowl being on February 7th was later than usual, but the overall numbers are still very light: NSDCC New Listings Between Feb 1 -...
When you look at the general data, the 25% dip year-over-year of January listings doesn't look so bad - especially on a graph. Heck, we're in the middle of a pandemic! But look how it is playing out: NSDCC Detached-Home New Listings Price Range New Listings in...
Nobody is giving them away! I think we can agree that list prices today are at or above the all-time highs, yet with demand overwhelming the few listings that are trickling out, buyers are forced to consider going even higher. It's working too: We usually get some...
We are only able to sell what's for sale, so the direction of the frenzy depends on inventory. If we get a surge of inventory, then sales will increase. If we don't get a surge of inventory, then bidding wars and prices go crazy. We saw the differences here where the...
