We have an unusually low amount of homes for sale (blue line) during the prime selling season – last year we had almost twice as many houses for sale, then we have currently.
I think it is part of the precision in the marketplace. Any seller who prices reasonably – which is easier than ever to accomplish in tract-happy Carmel Valley – sells right away.
But the low inventory is causing sellers to add more mustard to their list prices. There are more houses for sale that are listed over $1,000,000, than are listed under a million. But the average cost of closed sales is struggling to get back to the $330/sf trend, after the recent downswing: