Surprisingly, both NAR and Diana at cnbc.com got it right when they blamed the low supply for declining sales. Inventory is reported down 20% from last year nationwide.
But when you look at our sub-market of La Jolla-to-Carlsbad, sales aren’t declining – in fact, they’ve improved. Here are closed sales and average cost-per-sf between Jan. 1st and May 31st:
|Year||$0-$700K||$701-$1.1M||$1.1M+||Total Sales & Avg. Cost-per-sf|
Interesting that pricing seems to be firming up in the higher-end range first, and that there have already been 321 closings over $1,100,000 this year!