Since the market downturn started earlier this year, we have seen first order dominoes fall. We are now seeing the middle-order dominoes wobble and fall over, indicating the downturn is strengthening. The number of closed listings per month is a middle-order domino, which began to fall in early April. The chart below shows how this domino is falling measured on a weekly basis.
The 2022 sales rate is now 16% below the reading in 2021, which is concerning but not unexpected. I have been saying for some time now that I am convinced, we would see a slow-down (but not a collapse) in closings. This slow-down in July is not unusual. It gets hot around here in July, so house shopping is not normally at the top of people’s list of “To Do’s”. Sales typically recover in the Fall when cooler temps return. It’s a seasonal thing. However, there are two things happening today, which are neither typical nor seasonal and which concern me:
1. The sales rate reduction began in April and continued through May, which in a healthy market should be one of the busiest times of the year for closings; and
2. The drop in sales is relatively steep for such a short period.
In this environment, selling a home is no longer like falling off a log. Showings will be fewer in number and offers far less easy to get than they were in March. Once buyers realize what is going on, expect them to flex their negotiating muscles. They might even ask for the seller to pay for a Home Warranty (shocking I know). More than ever, now is the time to work with an experienced, full service, sales professional who will properly position and promote your home to qualified buyers. Shotgun “72-Hour” sales gimmicks will not work in this market.
I focus my efforts on Corte Bella, which is predominantly a retirement community and often acts differently than County wide trends. For example, many homes in Corte Bella are purchased for cash so interest rates do not impact a buyer’s purchase decision. There are other dynamics affecting buying and selling homes in Corte Bella, which is why you need an expert who focuses on (and is a resident of) Corte Bella. Don’t feel you have to go it alone. If you are thinking of buying or selling call me and let’s discuss your situation.
ACTIVE LISTINGS:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner-sized Lot - $440,000*
· 23325 N De La Guerra Ct., San Marco Model, 1,904/sf., 2/2, Pool - $650,000*
· 22823 N Las Gatos Dr., Encanto Model, 2,095/sf., 3/2 - $699,000*
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 23227 N Cardenas Dr., Mirada Model, 2,840/sf., 3/3.5, Casita - $739,000*
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – 799,900*
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5,3 car garage - $849,000
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, Golf Course, Pool - $1,055,000
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, Golf Lot - $465,000**
* New listing this week
** Temporarily off Market
COMING SOON
· 129004 Quinto Dr., Encanto Model, 2,095/sf., 3/2 - $670,000
UNDER CONTACT ACCEPTING BACKUPS:
· 22516 N Padaro Dr., San Marco Model, 1,904/sf., 2/2, Pool - $625,000
· 13219 W Junipero Dr., Figueroa Model, 2,784/sf., 3/2.5, Golf Course - $940,000
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 22719 N Arrellaga Dr., Arcada Model, 1,636/sf., 2/2 - $470,000
PENDING LISTINGS:
· 22450 N San Ramon Dr., Bellita Model, 1,154, 2/1.75, Golf Course - $485,000
· 13418 W Nogales Dr., Montecito Model, 1,351/sf., 2/2, Corner Lot - $485,000
· 13755 W Nogales Dr., Arcada Model, 1,660/sf., 2/2 - $524,500
· 12930 W Micheltorena Dr., Arcada Model, 1,612/sf., 2/2, Recent remodel - $550,000
· 12944 W Quinto Dr., Encanto Model, 2,095/sf., 3/2 - $670,000*
· 22914 N Hank Raymond Dr., Granada Model, 3,027, 3/2, Golf Course - $859,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, Golf Course, Water - $925,000
SOLD LISTINGS (05/01/22 - 06/05/22):
· 22409 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Over-sized Lot - $425,000
· 22617 N Arrellaga Dr., Arcada Model, 1,684/sf., 2/2 - $474,900
· 22310 La Positas Dr., Arcada Model, 1,636/sf., 3/3, Casita - $548,000
· 12855 W El Sueno Dr., Encanto Model (Expanded), 2,143/sf., 3/2 - $569,000
· 22225 N Pedregosa Dr., Encanto Model, 2,143/sf., 3/2 - $559,000
· 12903 W La Vina Dr., Encanto Model, 2,066/sf., 3/2 - $630,000
· 13803 E Figueroa Dr., Encanto Model (?), 2,143/sf., 3/2 - $634,900
· 13416 W Santa Ynez Dr., Cambria Model, 2,423/sf., 3/2, Pool, Extended Garage - $685,000
· 23036 N Padaro Ct., Granada Model, 3,037/sf., 3/2 + Casita. - $675,000
· 22807 N Del Monte Dr., Cambria Model (Expanded); 2,362/sf, 2/2, Golf Lot - $699,000
· 22118 N Las Positas Dr., Encanto Model, 2,143/sf., 3/2, Pool, 3 Car Garage - $709,000
· 13423 W La Vina Dr., Mirada Model (2,560/sf.) + Casita (247/sf) 2,840/sf total - $750,000
· 13228 W Santa Ynez Dr., Figueroa Model, 2,7984/sf., 3/2 - $770,000
· 22208 N San Ramon Dr., Figueroa Model, 2,784/sf., 2/3, Golf Course - $845,000
· 13230 W Rincon Dr., Figueroa Model, 2,784/sf, 3/2.5, Owned Solar - $829,000
· 23212 N Del Monte Dr., Alameda Model, 2,976, 4/3.5, Golf Course - $949,000
· 22508 N Del Monte Ct., Figueroa Model, 2,784/sf., 2/3, Golf Lot, Pool - $1,149,000
I am a Corte Bella resident. 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.
The information contained herein is believed to be accurate however you are encouraged to confirm this information before relying upon it.
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