The news that all fence-sitters have been waiting for finally happened: at 2:34pm this afternoon, the bottom of the real estate market was officially reached when 356 Avocado Lane in Stockton finally sold — with multiple offers — after 30 months on the market.
Said listing agent Trevor Blackstone of Stockton Realty: “Phew! I’m glad that’s over. I’m the fifth Realtor for these folks! They went on the market at $750,000 and after 25 price reductions they finally reduced it $275,000 and it sold! In fact, we got two offers, both just above the list price.”
CAR chief economist Leslie Appleton-Young broke out the champaign at CAR headquarters in Los Angeles. “We’ve been keeping our eyes on that property for a long time. We knew that when it sold, the housing recession would officially be over.”
Mike Simonsen over at Altos Research had this to say: “Our charts predicted this a few months ago already. The 7-day rolling average of the ratio of the median days on market for the upper quartile in the worst area of Stockton has been steadily moving upwards. That’s the sign that’s accurately predicted the bottom of every single market since 1900!”
TJ Shanahan of Realty World in Sacramento was also not surprised. “Seven of my top 10 ways of predicting the market bottom came true literally in the last week!”
Astoundingly, every single market bottom has also happened on April 1st, and at the exact same time. Here’s the Altos Chart to prove it:
Bubblistas are already salivating over the next real estate recession, scheduled to start in late 2024. The domains IToldYouSo.blog and WorstHousingRecessionEverWillStartIn2024.com have already been reserved. “In the meantime,” said a prominent bubblista, “I’m gonna stay renting.”
Tags: Consumer, Humor, Industry
Possibly related posts
5 responses so far ↓
1 Eric Trailer // Apr 7, 2008 at 6:28 am
Absolutely outstanding article, Kevin! I think that you’re right about those who were on the fence jumping off, as we took five applications over the weekend.
2 Sfvrealestate // Apr 8, 2008 at 6:02 pm
Gosh, I guess us Realtors will have to go back to work now. Sigh.
3 The Housing Stalemate Between Buyers and Sellers Is Over | // Apr 10, 2008 at 8:43 pm
[...] an April 1st Day article entitled “Market Bottom Officially Reached at 2:34 pm This Afternoon; Impasse Between Buyers And Seller…,” Kevin Boar, of 3OceansRealEstate.com, blogged about a property in Stockton, CA that had [...]
4 Frank Borges LL0SA- FranklyRealty.com // Apr 14, 2008 at 3:29 pm
Actually I have real proof. As in 100% real proof that we hit the bottom of the market… My Mom sold another house of hers!
Yep, the last 2 times she sold, the market skyrocketed. Check out the chart… http://tinyurl.com/4hm3f3
5 YouCanNOTBeSerious // May 25, 2008 at 10:25 am
The bottom is still yet to come, sorry but the koolaid is going to look bitter in approximately one year’s time.
Leave a Comment