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Economic_Forecast_May_22

We’re going to be hearing for months about how sales are dwindling.

It’s mostly due to comparing 2022 stats to last year’s numbers, which were the most frenzied-up numbers ever. But it is also due to it being a market for the affluent now.

Look at the chart above. Even though sales are down 7% overall, the higher-end sales are booming:

San Diego County Detached-Home Sales, Jan 1 – May 31

Year
SD County Detached-Home Sales
Sales Over $1,000,000
2017
9,889
1,449
2018
9,154
1,570
2019
9,002
1,581
2020
7,683
1,496
2021
9,769
3,177
2022
8,267
3,786

As recently as 2019, the million-dollar sales were only 18% of the total sales count. This year, it’s 46%, and we still have a week more of sales plus late-reporters to record. It could hit 50%, just three year later!

Yet the total number of 2022 sales will only be 10% to 12% behind those in 2021, the craziest year ever.

Plus, if there were more quality homes for sale priced over $1,000,000, we’d have even more sales!

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