October 20, Weekly Analysis

 

No new listing this past week or the week before. That is unusual, but I know that at least one home was listed but is being held off market for just a few days.

One home went into Pending: 10444 Meadow Glen Way East, a 3/4 of 3,224 s.f. which was listed at $499,000, and had been on the market 26 days.

No homes closed escrow this past week.

The “housing market” nationally continues to give mixed messages. Home sales nationally rose 11% over the same reported month last year, but are down slightly this year from the recently previously reported month of this year. Naturally, home sales vary depending on the geographic locations and the market pricing, with lower-priced homes showing the best sales.

That makes sense in a housing market bouncing along the bottom, as more salable geographic locations are selected first by buyers and investors, and competition for lower-priced homes causes a rise in both the sales and prices of those homes.

Regrettably, the more expensive homes languish, and actually the price spread between lower-priced homes and higher-priced homes narrows, making higher-priced homes more desirable. There just isn’t the confidence in the higher-priced buyer market for those higher-priced homes right now, except for a few bargains.

One problem is we are in the election cycle – meaning apprehension and uncertainty – at the same time Europe is in economic chaos and the Asian markets are slowing. (Asia depends upon our imports and Europe is 25% of our exports.)

The housing market is trying to recover at the same time the overall economic market is looking just a bit brighter. Foreclosures in San Diego County are down, but the regular sales will still have to compete with Foreclosures and Short Sale prices for more than one more year. Those distress sales keep prices down for everyone.

 

 

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