The inventory is dropping steadily now, and any new listings that hit the market during the rest of December must have motivated sellers!
North SD County’s Coastal Region (La Jolla-to-Carlsbad)
The UNDER-$800,000 Market:
The $800,000 – $1,400,000 Market:
The $1,400,000 – $2,400,000 Market:
The OVER-$2,400,000 Market:
We’ve been averaging 50 pendings per week in the fourth quarter, and the past week almost kept up. With only two weeks to go to Christmas, we can say the market has held up through the holidays. It would have taken a big 4Q drop-off to make anyone think that next year was going to be different.
Weekly NSDCC New Listings and New Pendings
Seems like we’re still in a Seller’s market, and, it looks to stay that way.
What will the impact be of interest rates going up? Will it be a rush to buy or will it put a lid on appreciation?
Agreed – all ahead full and steady as she goes please!
Looking back gives us better perspective on the last bump in interest rates, which couldn’t have happened at a more opportune time.
In June, the frenzy had been in high gear for a few months, and buyers were scrambling.
Those who had lost a few bidding wars and seen prices escalating 1% to 3% per month hit the panic button once rates shot up. I’d have to check but the prices paid in July were probably the highest of the year.
Now we’re left sorting through the leftovers, and most buyers are adamant about not over-paying for those.
It could be completely different next year.
If the Fed tapers now or early 2014 and banks jump at the chance to get mortgage rates back to 5% or higher, the Spring 2014 market may not get out of the blocks.
If higher rates don’t put a scare into sellers, we will see much higher asking prices in Spring.
That’s just how sellers roll.
Asking prices in CVN=Carmel Valley North (Carlsbad S./Aviara) pushing the $400 per Sq Ft barrier for the newer premium listings now that a good base of $350 per sq ft closings are in the bag this year. We were in inland Irvine a couple weekends ago for our sons sports, we were blown away at costs of housing there and lack of lifestyle unless you are into Phoenix style strip malls…NSDCC still has the best lifestyle and affordability in SO CA even with the recent 2 year run up.
JTR’s closed deal: