Almost one-third of last month’s buyers paid over the list price…..for the fourth month in a row! Either sellers are being smart about pricing attractively, or a fair amount of the buyers and buyer-agents haven’t gotten the memo about the tougher market conditions.
Sales and pricing are holding up too.
The median sales price is almost identical to last May, and sales were higher:
More houses for sale but the same number of buyers. Its likely that the same buyers are all trying to buy the same well prepared homes. People know the cost of construction right now so it makes sense to go all in on houses that need nothing.
Eventually if the fixers continue to not sell they’ll need to cut on price to the point where construction to fix them back up makes sense.
BTW have you seen all the yellow construction coming soon signs in Carlsbad Villiage lately? In 3-4 years its going to look like PB.