To demonstrate further how the momentum is building, let’s look at SE Carlsbad.
4th Quarter SFR Closed Sales Between $2,000,000 and $3,000,000 in the 92009:
2023: 9
2024: 23
The optimism coming off the election helped, because ALL of these went pending since November 5th:
Only one had to take a real haircut on price – so far, two sold for full price and one sold over list!
If four of the pendings close this month, it will mean that the 4Q24 sales were 3x more than last year!
True, those could have been the last buyers ever for the 92009. But doesn’t there have to be potential buyers who decided to wait-and-see what 2025 has in store? I think so, and around the 92009, there will be a strong set of recent comps to support the valuations!
It reminds me of the 4th quarter of 2012 which snuck up on us because the short sales and foreclosures had not cleared yet. The NSDCC sales in 4Q12 were 44% higher than in the previous fourth quarter, and the following year, 2013, was the hottest year of the decade.
It looks like 2025 will be sizzling too!
Farmers Insurance plans to start writing more home insurance policies in California ahead of regulatory reforms set for next year, the state’s second-largest homeowners insurance provider announced Wednesday.
In 2023, Farmers capped the number of new homeowner insurance customers it accepted at 7,000 a month, and paused writing policies for condo and renters insurance. The company said it’s now committed to writing 9,500 new homeowners policies each month. And starting Dec. 14, it plans to insure additional condos and renters before writing new coverage for other types of insurance it had halted.
“Farmers Insurance has decided to take these steps to increase coverage availability for California consumers because we recognize that the state’s insurance marketplace has indeed improved,” Behram Dinshaw, president of personal lines for Farmers Insurance, said in a statement.
Wednesday’s announcement was the latest move by insurers to signal willingness to reverse their pullout from the California home market in response to regulatory changes they’ve sought. Farmers in May announced plans to resume coverage for businesses, and Allstate in April said it would consider writing new homeowners policies.
Square feet measuring between 2900 and 4800. There was a time when 2400sf was considered large. Are they really this large or are garages and covered patio spaces now counted?