Yesterday a guy said he wasn’t interested in anecdotal evidence and just wanted to see the data. But we were talking about the buyer demand in 2023, of which we have no data yet.
In addition, the data we do have doesn’t have to repeat itself or be a trend, because every month we have different houses selling. It’s not like the stock indices that measure the exact same stock every day – in real estate, it’s a new set of variables every month. It’s a miracle that each month looks as similar as it does!
But for those who want the numbers, here you go!
NSDCC (La Jolla to Carlsbad) Monthly Sales Stats
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| Nov |
For the record, here’s the summary from June to November:
Sales: –43%
Median Sales Price: –21%
Average Days-on-Market: +83%
Average $/sf: –13%
Median $/sf: –12%
The stats are straight off the SD MLS, and I’m not sure how they calculate their Median $/sf because it’s not the median sales price divided by the median sf – but their numbers are close to that.
There has been a steady downdraft in pricing, led by sellers who stay on the market for 30+ days and then take a lowball offer. As long as listings aren’t fully prepared, aren’t priced attractively, and are hard to show, the downward-pricing trend will continue.
Ideally, you want to sell your home in the first week or two that it is on the market.
Can sellers and agents adapt? Will they?
“I’m not sure how they calculate their Median $/sf because it’s not the median sales price divided by the median sf ”
This is expected given the way the median is defined. Look at this example:
property 1: SP 1M, sf 1000, $/sf 1000
property 2: SP 900k, sf 1100, $/sf 818
property 3: SP 1.5M, sf 1200, $/sf 1250
From the data:
median SP: 1M
median sf: 1100
median $sf: 1000
But:
median SP/median sf = 909