2023 Forecasts

by | Dec 20, 2022 | Forecasts, Jim's Take on the Market, Why You Should List With Jim

The 2023 real estate forecasts keep coming in.

With the radical change in market conditions, the annual statistics are going to look dramatically different from the more recent activity – look at these differences in home sales between La Jolla and Carlsbad.

NSDCC 2022 Annual Sales, and Sales Since Nov 1st:

Data Point
Jan 1-Dec 20
Nov 1-Dec 20
% Difference
Median LP
$2,292,500
$1,989,000
-13%
Median SP
$2,321,000
$1,890,000
-19%
Median DOM
15
28
+87%
Median SF
2,727sf
2,609
-4%
Median $/sf
$828/sf
$740/sf
-11%
Average $/sf
$970/sf
$826/sf
-15%

My guesses?

I’m predicting a +5% change in the current NSDCC median sales price of $1,890,000 which gets us back to almost $2,000,000. Combine the softer pricing with current seller disappointment and the damage has been done – the 2023 local inventory should be so low that it helps to create a floor in pricing.

Here are several more opinions:

https://www.forbes.com/sites/brendarichardson/2022/12/19/experts-predict-what-the-housing-market-will-look-like-in-2023/

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