Carmel Valley Estate

The 1+ acre lot was probably what sold this one.

Part of a nice flurry of July sales that are inline with the monthly sales counts in March-June. But the median sales price has a month-over-month change of -17%, which will cause the doomers to flip out. But it’s only because there were a bunch of lower-end sales this month.

Your home’s value didn’t drop 17% in the last 30 days!

Inventory Watch

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:


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.


NSDCC SP:LP Preliminary

The NSDCC sales are trending lower and appear to be focused on the lower-end:

We should still get the 100+ sales in July, and hopefully no one will be screaming about prices dumping 20% in one month. It’s just that the higher-end isn’t clicking like it was before.

Another note – the quality of the homes for sale is disappointing. These are the leftovers nobody has wanted during the selling season, which does help the new listings look even hotter!

Eleven Offers!

We’ve received ELEVEN offers on our new listing at 7114 Columbine!

The five cash buyers have declined to go any higher, so the six financed offers will be competing today for the win. We sent all of them a highest-and-best counter with a 4pm deadline today. Meanwhile, any other agents who want to show and sell are encouraged to do so – we don’t stop the showings or offers, like most agents do.

We’re already $100,000+ over the list price!

Lots of Action

We had 100+ people attend each open house this weekend, and it was probably half-and-half buyers and neighbors. But neither know the difference, so it just looked like a parade all weekend.

Four offers have been received between $1,200,000 and the $1,250,000 list price.

(edit: as of Monday morning, we have received six offers!)

We will counter everyone for their highest-and-best offer tomorrow:

I was speaking intently with a prospect at yesterday’s open house when a nice person told Michele she was blog reader and wanted to say hello. Sorry I couldn’t say hello then, but hi and thanks for stopping by!

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