Let’s compare the year-to-date action to last year!

The sub-markets in green are holding up nicely. The additional listings coming to market are being absorbed, and the current number of active listings are around 4 months’ worth or less.

Rancho Santa Fe is a good example of the opposite.

There were 23% more listings in the 92067 this year, and the sales count went up by one. Yikes! There are more and more unsolds being ignored there – and they have about eight months’ worth of supply now!

Overall, the number of listings increased by 11%, and the number of sales increased by 4%. We’ve been looking for the point of equilibrium, and it appears that 2025 could set the limit. If we get an inventory surge in 2026 that surpasses this year’s action, then the demand will really be tested.