April 7 Update

April 7, Weekly Analysis

Three new listings his past week: 10139 Sage Hill Way, a 4/3 of 2,996 s.f. was listed at $399,900; 28042 Glenmeade Way, a 3/3 of 2,159 s.f. was listed at a variable price of $495,000 — $535,000; and a home at 29078 Welk Highland Drive (Rimrock) was listed at $660,000.

Three homes went into Pending this past week: 10634 Meadow Glen Way East, a 3/3 of 3,250 s.f. went into Pending having been listed at $469,000; 10344 High Mountain Drive, a 3/3 of 2,923 s.f. went into Pending, having been listed at $470,000; and a home at 9629 Misty Meadow Lane (Rimrock), a 4/5 of 5,344 s.f.  went into Pending, having been listed at $930,000.

Three homes Closed Escrow this past week: 9808 Dogwood Lane, a 3/2 of 1,888 s.f  Closed Escrow at $330,000; 9926 Sage Hill Way, a 3/3 of 2,660 s.f. Closed Escrow at $410,000 s.f.; and 28707 Rolling Rock Road, a 5/3 of 2,800 s.f Closed Escrow at $435,000.

The market continues to be red hot below $500,000, and there is at least the beginning of movement above $500,000, but it is fairly spotty. Three homes that went into Pending this past week did not quite match our long string of four Pending homes a week, but three is well above average in ANY market.

Within a week, I will list two homes with a combined value over $3,000,000, so I am hoping that the “luxury” market improves over the Summer. My personal Meadows listed properties will reach $4,000,000 by July and that will be just THREE homes, so if anyone knows someone looking in the luxury market….

The banks recognize the market is changing, and they have been sitting on a large inventory of foreclosed homes that we expect to see on the market this year, to take advantage of the increased sales and decreased inventory. What no one knows is how large the pool of available Buyers is, their motivation, and whether the increased foreclosure dump onto the inventory will overwhelm the available Buyer pool. The “shadow inventory” of bank-owned but unlisted properties could impact market prices, unless the banks are sensitive to their impact on market inventory, and therefore prices.