Shadash said, “Right now the only thing propping up prices is limited supply.”
Indeed, and it’s how the pricing got here in the first place. The demand for homes in the San Diego coastal regions has been higher then the supply for decades now, and it’s probably not going to change that much – at least, not until more of the existing homeowners want to leave town or they go out feet first.
When selling, those who own the one-story homes will fare better.
It’s already happening – the market is splitting into one-story homes, and everything else:
The buyers who need a big house are comforted in knowing they will pay less per-sf, but their appreciation rate will lag behind. The only thing that will inhibit an even-greater appreciation rate among the one-story homes is that we are transitioning into a market with more estate sales – which will primarily be fixers.
Either way, the current NSDCC pricing averages and medians are still very positive year-over-year. Nobody who sells next year should mind selling for more than they could have gotten in 2021.
It’s not that bad!
