The recent frenzy has been frustrating for buyers – should you wait-and-see?
The history of the median sales price shows that there is usually some softening around Dec/Jan – that is, up until this year:
The demand feels extremely deep because there are so many lookers and offers – but not everyone is willing to pay these prices. It is probable that the demand is truly deep at 90% of today’s prices – back where prices used to be.
Will buyers keep stepping up?
Most likely, as long as the list prices stay within reason, and there are few choices. San Diego inventory is down 1/3 year-over-year, which is given sellers free reign to push list prices higher.
You can see below that sellers might be reaching their ‘jump the shark’ moment, with both the inventory bottoming, and the list prices on the higher-end rocketing skyward (+16% since December):
This is a great time to sell – even better if you have neighbors who have closed for high prices in the last 30 days!