June 23 Update

June 23, Weekly Analysis

The two new Meadows listings are highlighted on the list.

Three homes went into Pending this past week: 28651 Mountain Meadow Rd., a 3/3 of 3,471 s.f. had been listed at $399,000; 10131 Sage Hill Way, a 4/3 of 3,321 s.f. had been listed at $469,900; and, 28250 Sparkling Oaks Trail, a 3/3 of 2,709 s.f. which had been listed at $469,000 — $499,000.

The large number of homes that went into Pending over the past several months – which has indeed been a very large number – are now starting to close in large numbers.

Six homes closed escrow this past week: 10642 Meadow Glen Way East, a 2/2 of 1,932 s.f sold at $301,000; 10506 Moon View Way, a 3/2 of 1,275 s.f. sold for $315,000; 10255 Spruce Woodlands Way, a 4/3 of 2,357 s.f. sold for $405,000; 10932 Treeside Lane, a 3/3 of 2,951 s.f. sold for $406,000; 10344 High Mountain, a 3/3 od 2,923s.f. sold for $452,000; and 10575 Laurel Path, a 5/5 of 3,920 s.f. sold for $505,000.

While it might appear that prices of homes are rising, that is not the case – it is simply that a few higher priced homes (a very few) are selling, and the addition of those to the mix raises the average and the mean without disturbing the relatively low prices of the individual homes.

What is obviously happening is that homes below $500,000 are still briskly moving, and that is an improvement over the recent history where homes below $400,000 were briskly moving.

There are Buyers above $500,000 and they are actively looking. They do not feel any great motivation to make offers because they do not feel any competition for homes they covet, and in the meanwhile they can continue to shop the market of new listings in their price range without fear of losing their current favorite.

Those looking in the upper ranges are starting to get nervous that the end of the malaise is in sight and that interest rates will not last at these numbers forever. Buyers in this range are sophisticated Buyers – not either first-time buyers or investors – and are trying to time the market. That can be chancy, because these homes are not easily replaceable because they are unique.

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