I already guessed that the runaway frenzy will start to temper in June. Here are reasons: Some of the craziest demand has been satisfied. Other buyers will take a break and go on vacation. Overly-optimistic pricing by some sellers. It's been red-hot for 10-12 months....
Let's call it the Big Confluence: Covid concerns keep diminishing over the next few months. More sellers feel safe to put their home on the market. More sellers find a way to hurry up and get their home on the market. Buyer skepticism rises. Agents get too cocky....
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...
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 -...
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...
San Diego didn't make the NAR list of vacation-home areas (counties where 20% of the housing stock is for seasonal use), but our market should be enjoying some additional second-home purchases: Vacation home sales are outperforming total existing-home sales. Sales of...
In April, I thought we would see a big cooldown in October fueled by uncertainty leading into Election Day. Instead, we had the most NSDCC closings as we've had in any month this year (374 so far), and we have almost as many pending listings as active (541/470)! The...
The results are in! We reached 1,692 people, of which 89 participated in the survey, which is about right. Let's go through each question. Q1. Most of the participants (2/3) already live in San Diego County. The question was passive in nature, but it was interesting...
