The 2015 annual sales and median SPs looked pretty good – we know that declining sales are the precursor of a downturn, but only Carmel Valley has a noticeable drop.
There are more new homes for sale than ever in Carmel Valley, and those aren’t all reported as closed sales on the MLS. They have to be soaking up some of the demand for resales:
Annual Number of Sales/Median Sales Price
Town or Area | ||||
Cardiff | ||||
Carlsbad NW | ||||
Carlsbad SE | ||||
Carlsbad NE | ||||
Carlsbad SW | ||||
Carmel Vly | ||||
Del Mar | ||||
Encinitas | ||||
La Jolla | ||||
RSF | ||||
Solana Bch | ||||
All NSDCC |
The reason I think we’ll have fewer sales in 2016 is because 2015 was so dang good – it will be hard to keep up!
In other words, not sustainable!
Regular folks incomes are not increasing at the same/greater pace than house price appreciation. Simple math.
The era of free money is slowly drawing to a slow, painful end.
Watch out for bank bail-ins! 🙂
With Qualcomm’s big layoff a few months ago, some of the exuberance for CV may be tempered a little bit.