July 21, Weekly Analysis

July 21, Weekly Analysis

The single new listing in the Meadows this past week is highlighted on the list.

The surprising thing about the list is that (basically) all of the lower-priced homes have sold. This is not surprising because, and this is not just true in The Meadows, there are multiple offers on lower-priced homes in North County, if you define lower-priced as below $400,000. There are, at this moment, no homes listed under $425,000 – and THAT is NEWS! Good news!

Three homes went into Pending last week, and with only one new listing the list gets shorter. 27821 Dogwood Glen, a 4/3 of 3,020 s.f had been listed at $440,000; 28136 Glenmeade Way, a 3/3 of 3,048 s.f which had been listed at $369,000 — $459,000; and 27253 Mountain Meadow Road, a 3/4 if 3,100 s.f. (on 39+ acres) had been listed at $1,995,000.

FIVE homes closed escrow this past week: 28120 Glenmeade Way, a 2/3 of 1,932 s.f. SOLD for $278,000; 9728 Indian Creek, a 3/2 of 1,596 s.f sold at $335,900; 10494 Meadow Glen Way East, a 3/3 of 2,469 s.f. sold for $380,000; 28244 Faircrest Way, a 3/4 of 2,819 s.f. sold for $445,000; and 10541 Cerveza Dr., a 4/5 of 6,958 s.f. sold for $720,000.

One interesting fact about the homes that closed this past week is the shortness of the “Market Time.” The homes were on the market for 2 days, 16 days, 9 days, and 87 days respectively.

Pricing is EVERYTHING in this market. There are buyers out there but they are looking for and finding relative bargains. Short Sales and Foreclosures set the prices in every area, including The Meadows, and homes of the regular sales variety must compete with these distress sales.

Unfortunately, we have as many as another 700,000 new national Foreclosures in the pipeline for this year, so it is likely that these housing doldrums will continue for some time.

The GOOD News is that builders are starting to pull permits so they think they see a light at the end of the tunnel, but over the next 18 months there is at best, uncertainty, and a continued soft market.

And, in the smaller and lower priced homes, there is a current rush for well-priced or extremely attractive homes in the under $500,000 range throughout North County, with something seldom seen recently – multiple offers on well-priced homes.

There are buyers in the Executive and Luxury home ranges, but they are waiting for the same reality check to set in that happened several years ago to the lower priced homes. Owners in the Executive and Luxury home market had more assets to try to wait out the market and their homes are only now being priced lower for the actual market as it currently exists.

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