May 29 Analysis

There were no new listings in the Meadows during the past week – and if you follow this list you will note that we do not go to the back page with homes for the first time in several weeks.

That is a pretty good indication that the market has changed just a bit, as it always does at precisely this time of year if it is going to change at all. Some years, the market simply does not improve but there are some good indication so far this year.

USUALLY, Rancho Bernardo changes a month ahead of Hidden Meadows, and my son has three homes in escrow in RB today and expects to have five by the end of the week. When that Rancho Bernardo market information is combined with three homes in the Meadows going into Pending this past week, that is either a change in the market or a significant false start.

Homes at 28618 Meadow Glen Way West ($339,900), 28430 Wimbleton Lane ($429,000) and 10664 Carla Ct. ($499,000)  went into Pending this past week. It will be weeks or months before we know the actual sale price for each home, but Pendings give us the best visibility for market activity. 

10314 Oak Ranch Lane closed escrow at $280,000 for the only closing in the Meadows this past week. That is a low price, and bodes ill for “comps” in the area over the next few months unless the bank appraisers recognize a disaster property when they see one. 

We are still in the First Time Home Buyers and Investors market. That will not change significantly until there is movement in our move-up market, and that depends to a great extent on the markets in the snow areas of the country – because that feeds us Buyers in the middle and upper reaches of the market. If we are going to see that market segment improve, it will show signs of movement this next month.