Open house over the weekend provided more reminders of the following:
- Buyers are educated – they know the comps.
- Buyers hope that higher rates mean lower prices.
- Buyers are resigned to paying more than last year.
Those that will benefit, and could see values continue higher:
1. Carmel Valley, due to thin inventory. Nobody wants to leave!
2. Newer, cheaper homes.
3. Fully-renovated, turn-key homes.
The rest will have more of a struggle, but the market is healthy enough to pick up any house with an attractive price.
There have been 1,910 NSDCC detached homes sold, year-to-date. There are only 1,013 for sale – and 80% of those are above $1,000,000! It leaves about 200 houses for sale under $1,000,000, in an area of 200,000+ people.