The BIG news of the week is that we had very few new listings and more pending and closed sales this week than last. There were also a stunning number of price reductions (20 of them). In order for the market to stabilize, we will need to continue having weeks like this with fewer new listings and more closed sales.
New Listings: 3 ( 1 of the 3 is a re-list-so really 2 new listings)
Active Contingent: 1 – Click here to see this property
Pending: 5 – Click here to see list
Closed: 5 – Click here to see list
Price Reductions: 20 – Click here to see list
A few days ago, I wrote a post titled will the “trade up” market will come back in 2010? In it, I mention two of the closed sales from this week. It shows pictures of the houses and tells the history of what happened with both properties.
The most interesting new listing this week is a luxury condominium (unit 101) in a development called Ortega Landing in Ortega. Originally listed for $1,195,000 when the developement was doing pre-sales, this unit (after successive price reductions) has now re-listed at $875,000. At $875,000 it’s priced at $331 per square foot. A similar condo (Unit 1003) in a nearby upscale building (Villa Riva) just had a unit sell for $751,000. It was a tad bit bigger at 2,725 square feet and it sold for $275 per square foot.
I was hoping to see one of the 20 price reductions “jump out at me” as something I need to shout out about but most of them were modest (and needed) reductions.
That’s it for this week’s wrap up. Please join me for my next market update on the state of the real estate market in Avondale, Ortega and Riverside!