Nothing says Happy Labor Day like a few market trend charts! As we all head back to school tomorrow in Scripps Ranch, I thought it would be valuable to take a quick glance at our notes on our local micro-market. These statistics are for single family homes in the 92131 zip code and are courtesy of Altos Research.
Here are the median listing price numbers by quartile, seven-day rolling average:
The lack of noticeable listing price decline suggested in this chart underscores the fact that sellers are still reluctant to accept the realities of our slowing and declining market. The market action index, which is a measure of market activity considering supply relative to demand, tells quite another story. Shown is the ninety-day rolling average.
Three of the four quartiles in this zip code are in the Buyer’s Market zone (Market Action Index below 30) with several month’s of inventory given the current levels of demand. Notice that Quartile 4 (the lowest priced group) is showing stronger demand than the others.
Where market times are concerned, all homes are (sort of) created equal, with average days on market for active listings in the 50 to 60 day range.
As for the inventory, it steadily climbs.
But this listing summary shows how little sales activity we saw in the past week.
We are just coming off the August buying doldrums, of course. We’ll check back in a week and see if things are looking any different. In the meantime, I will be back tomorrow to take a closer look at our actual sales, since listing statistics tell only half of the story.