June Market Tea-leaf Readings
June Market Comments
In the past 70 days we have had four home reach “Pending” status – while 30 homes were new listings – that is the sign of a really bad local market.
Our Open Houses have generated an average of just one drop-in a day – while in Rancho Bernardo we have been averaging six on Saturday and twelve on Sunday.
That is a good indication that real estate markets are local. Rancho Bernardo, and for that matter Encinitas, are still showing an increase in inventory – just not so badly as is Hidden Meadows.
I continually track zip code 92128 in Rancho Bernardo because our RB office has listings there. I have seen the inventory go from 168 in January to 217 today – and I have seen as high as 219.
More importantly, the people I have seen in RB during Open House have been (semi) serious Buyers – and many of them are renters. That is promising.
Good weather gives us some hope of a better future, but it will still take several weeks to read the tea leaves.
In the past 70 days we have had four home reach “Pending” status – while 30 homes were new listings – that is the sign of a really bad local market.
Our Open Houses have generated an average of just one drop-in a day – while in Rancho Bernardo we have been averaging six on Saturday and twelve on Sunday.
That is a good indication that real estate markets are local. Rancho Bernardo, and for that matter Encinitas, are still showing an increase in inventory – just not so badly as is Hidden Meadows.
I continually track zip code 92128 in Rancho Bernardo because our RB office has listings there. I have seen the inventory go from 168 in January to 217 today – and I have seen as high as 219.
More importantly, the people I have seen in RB during Open House have been (semi) serious Buyers – and many of them are renters. That is promising.
Good weather gives us some hope of a better future, but it will still take several weeks to read the tea leaves.
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