MLS Update February 25

Sorry to have dropped out of sight for a few days, but I had eye surgery and am now “back.”

 

In the past four days the Zip Code had 10 new listings (three of those in the Meadows), 14 homes went into Pending (one in the Meadows), and 10 homes closed escrow (one in the Meadows.)

 

The closed listing in the Meadows (on Meadow Glen Way East) closed at $399,000.

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The Week in Review

There were four new listings in the Meadows this past week, out of 25 new listings in the entire Zip Code.

 

A total of 28 homes went into Pending in the Zip Code, and anytime the Pendings match or exceed the new listing, that is pleasing and unusual. Fortunately there were four homes sold in the Meadows, matching the number of new listings – homes on Hamden Lane, Laurel, Alps and Royal Rim. The home on Royal Rim was a drop-dead steal, and should have gone into Pending many weeks ago.

 

Interestingly, three of the four Meadows homes were listed for more than $500,000 – in effect, normal homes as opposed to short sales/foreclosures primarily bought by investors.

 

In fact, my listing in Valley Center – an Executive Level Home, listed at $799,000 — also went into Pending this past week after 18 months on the market. For many weeks there had been increasing interest in that property.

 

Sixteen homes in the Zip closed escrow this past week, but none were in the Meadows.

 

Considering that the weather has not yet turned warm, this past week was exciting, and I hope it portends a better Spring.

MLS Update 19 February


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We had a Caravan today, but unfortunately I had a competing Doctor’s appointment and stress test. There were five new listings on the caravan.

Just as an indication that the market may be turning around, I just placed a listing into Pending (in Valley Center) that has been on the market for 18 months. The home was absolutely perfect in every way and so meticulously maintained that even though it was vacant for a year there was a housekeeper every two weeks.

The listing price when it went into Pending was $799,000, which is obviously NOT in the investor class of homes. This was a beautiful Executive Class home.

In the past 48 hours, there were eight new listings in the Zip Code of which one was in The Meadows. That listing was a 3,920 square foot home on Laurel Path, (5/5) for $579,000.

A total of 12 homes in the Zip Code went into Pending. Any period where Pendings are larger than the Listings is a “Red Letter Day.” Only one home was in The Meadows went into Pending, and that home is the one I have written is the Best Buy – Royal Rim and it was a terrific buy with a listing on #564,000 – 3,238 s,f. on more than 2 acres, with a view!

Six homes closed escrow in the Zip, but no homes closed escrow in Hidden Meadows.

MLS Update February 16

Perhaps it is the weather, but the past 48 hours have been very quiet,

 

First, NOTHING took place in Hidden Meadows, and the rest of the Zip Code was equally as bad.

 

There were five new listings, six went into Pending (although only one was above $500,000), and one closed escrow.

Update February 14

Now, this is the sort of day I like to see – one new hidden Meadows Listing, and two go into Pending!

 

The new listing is  at 10004 Vista Montanoso, 2,536 square feet, 4/4, 2,38 acres for $749,900. The two that went into Pending were on Alps and Hamden Way. (Both were foreclosures, and we need to get foreclosures off the market to stabilize prices. When only normal sales are available, normal homes will sell.)

 

The activity in the Zip Code was fairly normal for the past 24 hours – 7 new listings, 4 Pending, 3 closed escrows. One of the Pendings was above $500,000 and one home that closed escrow was above $800,000, so not EVERYTHING is still investor quality activity. There is BEGINNING to be more activity in the “normal” market above $500,000.

 

We will have a better feeling for trends in April, when warm weather USUALLY brings activity, if there is going to be activity.

The Week In Review

 

The “median prices” fro detached homes in North County declined a mere 3.7% in 2008, while outside North County detached homes declined almost 7.5% last year.

 

First, that is interesting, but the whole concept of “median price” of sales in statistically inconsequential as I have discussed before because only low-cost homes are selling, and therefore there is no broad expanse of homes, low, medium and high, being measured.

 

Overall, there is good news and bad news. The bad news is that the time on market for a sale increased from January 2008 through January 2009 from 48 days to 54 days – but on the other hand the number of sales of single-family dwellings rose 58% from January 2008 (365) to January 2009 (576).

 

Interest rates are LOW, but the major activity is in refinancing, not in purchasing new homes. ALL markets depend upon confidence, and job confidence is sorely lacking in this economy – but with low interest rates and the entire real estate market down simultaneously, people who sell low get the buy low and the Delta remains virtually constant.

 

As noted today in the North County Times, a “healthy” inventory is 4-6 months, and currently the North County inventory stands at 7 months.

 

It is the general economic climate that now holds back the real estate market.

 

Two new listings in The Meadows last week, two went into Pending, and two closed Escrow.

 

Not a bad Winter week in Hidden Meadows even in good times!

The Week in Review

 

This is now getting ridiculous – there are several mobile homes/manufactured homes in the Lawrence Welk Resort that are more expensive than three or four homes in Hidden Meadows!

 

Is the economic world upside down or not?

 

This past seven days showed 31 new listings in the Zip Code, of which 5 were in the Meadows.

 

There were 18 homes in the Zip that went into Pending, but one was in the Meadows and it was one of my all-time favorite homes on Rim Road, on the golf course. It had been systematically reduced until it went into Pending at a list price of $645,000. I am just glad to see that a regular home will sell, even if it is at a bargain price.

 

Twenty homes in the Zip closed escrow this past week, and several (two) were in The Meadows – one on Meadow Glen Way East at $395,000, one on Granite Ridge at $525,000.

 

Jean and I are still on Kauai looking for land for a client. We have found several absolutely beautiful pieces of land, ranging from $1,500,000 to $10 Million because what we are looking for must have a sunset and an ocean view. We found a great lakefront property ready to build for for only $2,300,000. If anyone is interested please let me know.