Family Style Town Home in Del Mar Union School District
So... I would normally continue with my usual, "Check out the killer floor plan and turnkey awesomeness of this new listing... but BAM! It sold in one day for $500 above list price.
So instead, I figure this is a good segue to add a new post within my Market Outlook update series.
And since I am so pressed for time keeping up with things, I am just going to paste this casual update I sent to a friend, who reached out from the trading floor of Chicago's financial markets to ping me for a market pulse:
Market here is going richter. Basically, everyone who wanted to sell, who could have sold… has sold. And while the robo-signing backlash cooled down, we saw less foreclosures. So there is low supply across every market, at every price-point. This is creating a bit of a frenzy, and homes are moving to pending and sold faster, and multiple bids are pressuring prices higher. Consumers are sensing a sea change.
Last year I narrowly beat 2005 record volume. Volume this month was 1/3 of last year. Not sure how much is market driven vs marketing and business model, but it seems like other producers are doing well, and there is a divide between producers and average agents.
My take is that the fundamentals still suck and real estate would still correct another 30% if shadow inventory was released all at once and if intervention ceased tomorrow. But since this is very unlikely, it seems the media will start to pick up on all this activity, which will fuel more confidence, and thus the bubble will re-inflate. Hopefully they will let the air out more gradually next time, but I don’t give credit that anything was learned. Time will tell. Meantime, I am enjoying the ride and saving more than I spend.
And that's the SethReport.