October 6, Weekly Analysis

Three  new listing this past week, and they are highlighted on the list.

Two listings went into Pending this past week: 10117 Meadow Glen Way East, a 3/4 of 2,848 s.f. which had been on the market 7 days at $597,000, and 28536 Mountain Meadow Road, a 3/3 of 3,000 s.f. which had been on the market for 172 days at $636,500.

One home closed escrow: 10160 Boulder Knolls Drive, a 5/3 of 3,122 s.f. which had been on the market 76 days and sold for $539,000.

Please note that all of the Pending and Sales activity is above $500,000 and MAY be an indication that homes above the $500,000 number, albeit only slightly above that $500,000 level, are now being considered by Buyers. We can only hope that is a continuing trend, because if you will note the Market Time of those first five or ten homes (least expensive) on the list, and compare that to the Market Time of the bottom five or ten homes (most expensive), it is apparent that our higher priced homes stay on the market for much longer. While that is always so, it is never so grossly apparent as it is today.

Another thing to note is that the list is stable to growing. Fewer homes are sold overall as we approach the cooler months. We can expect the list to flood over to the second page as the weather cools, and so does the ardor of the buying public.

I will continue to add caveats for newer readers: $/s.f. is an ALMOST meaningless number in custom homes in general, and luxury homes in particular. My $1,950,000 listing on Alps Way is a good example, because the “square footage” does not include a 1,000 s.f Guest House, or a 2,800+ s,f, workshop that is built to the same standards as the listed home, including air conditioning, heating, and it has 480 volt, three-phase power! None of that is accounted for in the $/s.f. figure.

$/s.f works well in tract homes where one Santiago model will be much the same as another Santiago model. $/s.f. simply does not work well for homes of vastly different construction, with great differences in quality, outbuildings and views. I include it simply as a “quick and dirty” reference, and because buyers want it.

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