18 offers and inventory drop

If you search 92129 zipcode, price range from 400K to 500K, 3 bedrooms or more.

Guess how many properties will return from your search?

11.

Out of these 11 properties, 10 were built before 1980.

8445 Florissant was on market on May 19th. It was a short sale. As of yesterday they have

18 offers on the table. And all of the buyers hadn't even got a chance to take a look at the house!

In the mean time, I read from a blog post that SD inventories dropping like a rock . . . disconnect from other "bubble" markets.

QUOTE:

San Diego's inventory of homes for sale is plummeting. There isn't even the usual summer bounce in terms of inventory numbers. Something is going on the SD market which is NOT occurring elsewhere . . . .

San Diego inventory numbers:

06/2009 11,354
06/2008 18,427
06/2007 19,418
06/2006 19,798

The SD inventory numbers are way down YOY. I have heard countless speculation as to why this is so, other than true demand. But look at fellow bubble market Las Vegas, arguable affected by at least somewhat related demographics and economic activity. While SD inventory has nearly halved from the bubble's peak, LV inventory has increased nearly 25%??? What gives? Why is SD inventory plummeting while at the same time LV inventory is going through the roof??????????????

END OF QUOTE