First, for this morning’s good news. We finally have our new photos, although we will all miss Steve’s mustache and my “June Cleaver” hairstyle. Also, the Zestimate on my home is up another $8,000, and I am already thinking of ways I might capitalize on my growing personal wealth. Who says our market isn’t strong? 🙂
Well, the stats, for one. Rather than clutter this post with a bunch of excel spreadsheets and dry data, I am providing links to a bunch of excel spreadsheets and dry data for those of you who care. I will speak to the single-family detached home market, although the numbers are similar for attached homes. San Diego County is sitting at an absorption rate of nearly 9 months, while the I-15 corridor communities of Scripps Ranch, Rancho Bernardo and Penasquitos have current absorption rates hovering around 6 months, with Mira Mesa at approximately 6.5 months and Poway at 7 months. This would suggest we are slightly on the far side of a normal market (and I am sure I will be hearing from our friend Jack Tong on that one). Looking at the trend lines, the market lost steam in July, which is historically the most active month from strictly a seasonal perspective. Fortunately the Feds held the line on interest rates yesterday, so we will have to wait and see where that leaves us as we head into Fall.