List and sold average cost-per-sf for San Diego houses, from ‘fin:
The weather has been nice and all, but we haven’t seen an explosion of seller enthusiasm like this since the boom years, and maybe never. The fantasy-to-reality gap over the last two years has been around 20-30 points, but now it’s over 50!
Could it just be a return to 2010 list pricing? It might be, and if buyers continue to hold out for better quality, then the average-per-sf of solds could conceivably go up too.
It is likely that we’ll be seeing a more volatility, and/or a standoff.