August 14 - 21 Weekly Recap and Forecast
The bad trends for sellers that have prevailed since April appear to be running out of momentum.
New listings have dropped sharply over the past few weeks. A shortage of new supply is great news for sellers, though with demand so low, we are still seeing a slight build-up in inventory.
There are 21 Active (listed) properties, four Under Contract Accepting Backups or Contingent on Buyer’s Sale, only six Pending properties, and only one closing thus far in August.
However, demand is showing signs of life. County-wide in the seven days that started on Sunday August 7, we saw 1,803 newly accepted contracts. This is the highest weekly total since June 12 and far more encouraging than the dismal 1,429 for the week beginning July 3.
Fewer new listings and an uptick in the number of accepted offers may be the first signs of a possible improvement in market conditions. If these new trends continue, the recent downward pressure on pricing should moderate.
TAKEAWAY -- The takeaway from last week’s performance shows some improvement in the overall market:
· Inventory levels are down slightly. +
· Demand appears to be improving. +
· Mortgage rates are steady. +
· Market Mojo. +
+ = a good thing.
- = a bad thing.
o = I have no idea what is happening here.
I’m adding a new indicator starting this week. Market Mojo measures my overall impressions of the Corte Bella market and all things related. Think of it as throwing all indicators (demand, new listings, solds, interest rates, and the ol’ gut) into the blender and hitting the blend button. What results after a minute or two is my Market Mojo indicator specific to Corte Bella.
This week, my Market Mojo is +. Not great, but good. With Snowbirds due to start arriving again in November, we’ll see how my Market Mojo is next week. Have a great week!
I am a year-round Corte Bella resident and I put 100% of my effort into Corte Bella sales transactions although on occasion, I will assist my sales clients relocating to another area in Arizona. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one knows Corte Bella than I do. I sell Premier Properties with Premier Service.
The information contained herein is believed to be accurate however you are encouraged to confirm this information before relying upon it.
ACTIVE LISTINGS AS OF 08/21/22:
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, GC Lot - $459,999
· 12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $475,000
· 13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900
· 12948 W Micheltorena Dr., San Ysidro Model, 1,811/sf., 2/2 - $535,000*
· 23134 N Loreto Dr., San Marco Model, 1,904/sf., 2/2 - $574,900
· 13432 W Los Bancos Dr., Encanto Model, 2,095/sf. 2/2, - $589,000
· 12750 W Nogales Dr., San Marco Model, 2,151/sf., 3/3, Casita, Fire Pit - $599,000
· 12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
· 12839 La Vina Dr., Encanto Model, 2,095/sf., 3/2, Casita - $615,000
· 23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $615,000
· 22903 N De La Guerra Ct., San Marco Model, 2/2, GC Lot - $635,000
· 22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $649,900
· 22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $679,900
· 22931 N. Padaro Dr., Encanto Model, 2,095/sf., 3/2, Casita - $725,999
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – $765,000
· 22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, GC Lot $799,000
· 23109 N Hank Ramon Dr., Figueroa Model, 2,840/sf., 3/3.5, Casita, GC Lot - $800,0000
· 13417 W La Vina Dr., Cambria Model, 2,470/sf., 3/2, Pool - $800,000
· 23023 N Pederegosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $849,000
· 22111 N Giovota Dr., Mirada Model, 2,840/sf., 3/2.5, Casita, GC Lot - $888,000
* New listing this week
** Temporarily off market
*** Price reduction
COMING SOON
· 12853 W Junipero Dr., San Ysidro Model, 1,837/sf., 2/2 - $699,900
UNDER CONTACT ACCEPTING BACKUPS
None.
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
PENDING LISTINGS:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $409,000***
· 22713 N Pico Dr., Arcada Model, 1,636/sf., 2/2, Remodeled - $549,000
· 22718 N San Ramon Dr., Arcada Model, 1,684/sf., 2/2, GC Lot, Pool - $625,000
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5, 3 car garage - $795,000
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, GC Lot, Pool - $897,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, GC Lot, Water - $925,000
SOLD LISTINGS (08/01/22 – 08/21/22):
· 12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5 - $699,000
I may not be the listing agent on the above properties. If you or someone you know is interested in touring one of these properties, I would be happy to arrange a showing.
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