In this post, I'm going to step out on a limb...and over a canyon. Perhaps it is a "dead cat bounce" as stock market reporters used to say in 2000-2001 about declining and spiking stocks. Maybe it is something else, but something is astir in our real estate market.
Perhaps San Diego crashed first, and perhaps we really do perch on the bloody edge of the economic envelope. But the numbers and recent buyer calls cannot be ignored. In September, 2006 there were 271 listings in North County's zip 92009. Today that number has dropped to 192. There are 69 listings that are in pending status.
We are receiving triple the number of calls and showing appointments that we did just a few weeks ago. Sales are popping all over the place.
What's different from a year ago?
Prices and buyer confidence.
San Diego home sellers have adjusted their expectations and are showing new respect to buyers. Buyers, in turn, are feeling more confident that the market has perhaps bottomed. Interest rates are dropping and creating renewed hope in the market.
Real estate prices in North County San Diego have rolled back to more reasonable levels, and buyers are responding. Once again, this proves that it is neither the agent nor the seller who determines the selling price of a home; instead, it is THE MARKET.
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