NSDCC October Sales, Preliminary

by | Oct 31, 2022 | Jim's Take on the Market, Market Conditions, North County Coastal, Sales and Price Check | 1 comment

I’ve been hoping for 100+ sales per month the rest of the way this year.

Currently, the October count is 108, so it should get up to around 120 sales by mid-November.  Here are the monthly sales and pricing for 2022:

NSDCC Detached-Home Monthly Sales & Pricing, 2022

Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000
Feb
158
$3,063,331
$3,108,907
$2,149,500
$2,386,500
Mar
207
$3,247,251
$3,337,348
$2,400,000
$2,625,000
Apr
227
$3,190,161
$3,251,604
$2,350,000
$2,550,000
May
214
$2,941,080
$3,030,794
$2,350,000
$2,480,000
Jun
188
$2,871,956
$2,881,314
$2,297,500
$2,350,000
Jul
152
$2,892,729
$2,833,588
$2,272,000
$2,280,000
Aug
161
$2,953,967
$2,849,332
$2,200,000
$2,150,000
Sep
134
$2,652,892
$2,560,764
$2,134,500
$2,020,000
Oct
108
$3,168,167
$3,042,502
$2,250,000
$2,150,000

I noted last week that the September average and median sales prices were both 23% lower than they were in March. It looks like the final October data could end up being higher.

The average and median sales prices are easily affected by the types of homes that are selling.  The recent environment has had smaller, less-expensive homes selling, while the higher-end market has been languishing.

Let’s include more statistics to fill out the picture:

Month
Sales
Average SP
Avg $$/sf
Avg SF
Median SP
Med $$/sf
Med SF
Mar
207
$3,337,349
$1,028/sf
3,498sf
$2,625,000
$853/sf
2,800sf
Sep
134
$2,560,764
$911/sf
2,887sf
$2,020,000
$790/sf
2,598sf
Oct
108
$3,042,503
$931/sf
3,387sf
$2,150,000
$782/sf
2,840sf

While the October average and median sales prices make it look like we’ve turned the corner, once you analyze the house sizes and $$/sf, you’ll see that buyers are still getting more for their money today.

Unfortunately, none of the talking heads in the media will look any further than the median sales price.

Once their house-hunting vacation concludes in February, all potential home buyers will do is decide if the change in the median sales price supports their mindset about purchasing.

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