Reader 97212 thinks that much of the Under-$800,000 inventory is graduating to higher price points, which is true. As buyers grab what they can on the lower end, sellers will keep bumping higher.
The median list price of houses for sale from Carlsbad to La Jolla is $1,995,000, and below that it’s really been hopping. Here are the number of new listings in 2015, and new pendings this year:
| Price Category | |||
| Under-$800,000 | |||
| $800K-$1.4M | |||
| $1.4 – $2.4M | |||
| Over-$2.4M |
New pendings this year include properties that were listed last year. These are incredibly hot numbers in a market that has already seen 20% to 30% appreciation over the last couple of years. All it will take is for sellers to be reasonable about reading what the market will bear, and it should continue!
Someone listing their beach front home for 12-Million probably skews the median list price some, but still 134 -> $800K-$1.4M pending’s is impressive.
I would think a lot of those are just shy of the 1-Million mark IMO being that you need about 150k to 200k average income for that.