October 28 Update on MLS (48 hours)

In the past 48 hours, there were 13 new listings in the Zip Code, and only one in the Meadows – but it is a retread. It is a 2 story home on Faircrest, 2,527 s.f. on 2.7 acres for $499,900 to $519,900. I know this property well, and this is a good price considering the land – and it has a detached separate garage and workshop in addition to the attached garage. This home needs updating, but the price is attractive.

There were seven price reductions in the Zip, but only one condo was reduced in the Meadows. It went from $174,500 to $159,000.

There were a total of 5 homes going into Pending, and 4 homes closing escrow in the Zip Code – but nothing in the Meadows.

The highest priced home that closed escrow was $410,000 – continuing the investment-level sales, but not much else.

My gut feeling is that the “regular” market will rebound beginning in March, 2009 if not before.

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