Last month, the 92009 median sales price declined 14.8% YoY, and was -22% MONTH-OVER-MONTH.
Keyboard warriors everywhere will be jumping all over news like this.
What really happened?
The facts:
- Last month, there were 52% fewer sales than in September, 2021.
- The homes that sold last month were 13% smaller than in August.
- The average and median $$-per-sf were higher month-over-month.
There were only 23 sales last month. Fewer sales means more volatility in the data, and the numbers will be bouncing all over the place. The average SP:LP was 97%, so nobody was giving it away, and when you look at sales like the last one on the list on Corte Luisa, know that it was an agent selling his own house for a $980,000 profit above what he paid in 2020.
You have to look deeper into the data to get the full picture of what’s really happening!
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Here are the August and September stats:
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Let’s revisit a previous blog post for an update, and more detail.
I featured a group of listings near La Costa Canyon HS a couple of weeks ago. The day the blog post ran, the most-expensive listing was pending, but it fell out of escrow that day. It’s back in escrow this week, and judging by how the listing agent ran my rather-sizable nose in it, they must have gotten pretty close to their list price. Tracey sold hers too, and together the two highest-priced listings are the ones that are pending, which demonstrate that buyers want quality and are willing to pay for it.
Pendings = purple:
Realtors who have no game will be reading juicy headlines on social media and be telling their sellers to dump on price, rather than dig for the truth and get to work.
GET GOOD HELP!
And just wait until I tell you the story about this one!
We stayed on the beach at the Del for less than a grand last Saturday. Things are soft. 😉 And yes, this was a comp. Sorry we were so busy we couldn’t stop by to say hello.
Moves like this are two things. First the mix, not the same kinds of homes are listing. Second, more houses are actually getting listed that would have previously sold before listing.
As inventory dwindles there’s going to be even more radical shifts in YoY or MoM. First down then up and back and forth. The media will have some fun with this in the next few months.