Statistically, our local market is holding up. Average and median pricing will bounce around, but the number of August sales was decent.
The year-over-year sales increased on the lower end, but the total month-over-month decline was sharper this year. Last year the total August sales were 9% lower than July, and this year they were -17%.
NSDCC Detached-Home Sales, August – Under $1.2M
| Year | ||||
| 2012 | ||||
| 2013 | ||||
| 2014 | ||||
| 2015 |
NSDCC Detached-Home Sales, August – Over $1.2M
| Year | ||||
| 2012 | ||||
| 2013 | ||||
| 2014 | ||||
| 2015 |
The affluence is astonishing – 926 houses have sold this year over $1,200,000!
Is it affluence or low interest rates. Affluence, to me, is they had all been bought for cash.
Either way, yes, it does take good amount of cash flow to make those payments and continue the maintenance.
$1.2 is the new $600,000?
if you’ve got the 20% down on a 7/1 ARM, that 1.2 house will cost you about $5k to $5250 a month, PITI. In Carmel Valley language, that is the same as rent nowadays, more or less. At 40% DTI, need around 160k gross income; not out of reason for many 2 income families around coastal SD…. Now, jack the rates a little, and things get dicey; real dicey.