The Week in Review

One new listing this past week, at 28206 Glenmeade Way, a 3/2 of 1898 s. f and listed at $349,000.

A home at 10088 Boulder Knolls went into Pending for $380,000 list price, and a home at 10231 High Mountain Dr, went into Pending at a list price of $950,000. This last “Pending” is remarkable because it is the first Meadows luxury home that has gone into Pending in a long time!

Two homes closed escrow this past week: 28136 Glenmeade Way. A 3/3 of 3,048 s.f. closed escrow at $395,000; and a home at 11272 Meadow Glen Way East, a 3/2 of 2,116 s.f. closed escrow at $417,000.

The market is already preparing itself for the Winter months, such as they are in Southern California, but houses are being withdrawn because of the Holidays approaching. In San Diego County, the generally accepted heuristic is anything above a six month inventory causes a downward pressure on housing prices, and anything under six months causes an upward pressure.

Even in this “New Normal” – which is anything but normal – our current 15 month inventory is indicative of downward pressure on prices. Nationally, we see a decrease in Consumer Confidence and continued job market weakness, all of which hastens and deepens an even more disastrous commercial real estate market in coming months if the retail market cannot recover.

I see no positive solutions unless the national malaise gets turned around after the November 2 elections, not because any political party has a solution but because for a brief period people might think one party does. The nation needs something to break this negative cycle, something to lift the public spirit. It does not need to be a tangible event to jumpstart the public confidence – it could be as simple as a presumed end to a negative event.

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