Mira Mesa Monitor

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Submitted by sdrealtor on January 20, 2021 - 1:42pm

Im going to start tracking the SFR market here as it seems more of a bellweather and is very interesting. Early 2020 the starter 3BR homes were low to mid 600's but by late Summer market was low to mid 700's with every decent home hotly contested. The majority of the homes were built around the same time, around the same size by Pardee. Its as homogenous a market I can think of for SFR's with differences mostly attributable to which of the 4 quadrants it falls in and even more so lot size.

Ive got a bunch of friends and past clients there so lets start following it and see where it goes in the land of too many walls and lizards

Submitted by sdrealtor on April 14, 2021 - 11:32am.

Update time for week ended yesterday

New listings 10 -

New Pendings of 9 -

Thats +1 change

Closed sales at 7

Price reductions at 1.

Current inventory at 10 with median price of $782K

The slow steady drip of new inventory with buyers waiting for it. Id imagine the buyer pool must be growing larger. No relief in sight

Submitted by sdrealtor on April 20, 2021 - 5:38pm.

Update time for week ended today

New listings 4 - lowest number this year

New Pendings of 11 - one off highest number this year

Thats -7 change

Closed sales at 5

Price reductions at 1.

Current inventory at 6 with median price of $799K

Inventory is not getting better. Demand is as strong as its been all year. We are heading into May which is one of our strongest months. Buyers gotta be shaking their heads hoping for some more inventory.

Submitted by an on April 20, 2021 - 10:52pm.

Inventory is worst today than in 2005

Submitted by sdrealtor on April 20, 2021 - 11:07pm.

Definitely. Certainly in MM, along the coast and in the 4S area.

Submitted by an on April 21, 2021 - 10:51am.

The numbers are even worst in Sorrento Mesa ;-).

Submitted by sdrealtor on April 21, 2021 - 10:52am.

Lol

Submitted by sdrealtor on April 27, 2021 - 11:55am.

Update time for week ended today

New listings 5 - lowest number this year

New Pendings of 8 - one off highest number this year

Thats -3 change

Closed sales at 7

Price reductions at 1.

Current inventory at 3 with median price of $765K

Inventory is really ONE! Two are currently working through multple offers. the one was listed too high and just reduced. There is basically no houses for sale in the newly rebranded Sorrento Mesa

Submitted by an on April 27, 2021 - 1:49pm.

It's pretty crazy if you think about it... For an area of 23k household and 74k people, there are 3 houses for sale.

Submitted by sdrealtor on April 28, 2021 - 11:49am.

Beyond crazy

Submitted by sdrealtor on April 30, 2021 - 8:34am.

Client closed here in December and had to deal with a $20k appraisal shortfall. Four months later there is a comp almost 25% higher within spitting distance. Astounding

Submitted by an on April 30, 2021 - 10:39am.

sdrealtor wrote:
Client closed here in December and had to deal with a $20k appraisal shortfall. Four months later there is a comp almost 25% higher within spitting distance. Astounding

That's insane

Submitted by sdrealtor on May 5, 2021 - 12:33pm.

Update time for week ended yesterday. If we are gonna see any inventory build it should start soon

New listings 11 - highest number this year and as expected. Bring on more inventory as we are a month away from school year ending

New Pendings of 4 - lowest number this year and as expected. there was nothing to buy last week

Thats +7 change

Closed sales at 4

Price reductions at 1.

Current inventory at 11 with median price of $800K. thats more than we have had in a long time. Not only more but nicer and bigger than we have seen in a while. Now will the market absorb it or will more pile on?

Next update should provide some feedback on that

Submitted by an on May 5, 2021 - 6:21pm.

Glad to see seller push the limit to find out what the market price is. IMHO, for a buyer, it's better this than a bidding war against 30 people and have to play chicken with a "Highest and best" offer.

Submitted by sdrealtor on May 12, 2021 - 10:38am.

Update time for week ended yesterday. Inventory is not building at least nmot yet

New listings 10 - nice to see that number stay up and hopefully this continues but really need more

New Pendings of 12 - bring more inventory online and it sells, imagine that? Market has no issue absorbing new listings

Thats -2 change

Closed sales at 6

Price reductions at 3.

Current inventory at 11 with median price of $849K. Its not building but at least held up. Sellers are taking notice of comps and asking prices on the rise. Lets see what happens this week

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