NSDCC May Sales

Jim's Take on the Market | North County Coastal | Sales and Price Check

June 4, 2017

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The Pending Home-Sales Index dipped 3.3% last week, which helped to fuel more doomer talk (examples here and here).

People assume that if the stats don’t rise every year, then we have a problem. But doesn’t the number of homes for sale affect the outcome? If there are 9% fewer new listings nationally this year, then a 3.3% drop in the new pendings doesn’t sound bad.

But local is what matters – how did we do in May?

NSDCC May Sales and Pricing

Year	# of May Sales	Median SP	Avg $$/sf	Avg DOM	# of Listings 1/1-5/31
2013	362	$943,500	$416/sf	42	2,312
2014	269	$950,000	$465/sf	41	2,243
2015	297	$1,125,000	$492/sf	47	2,333
2016	334	$1,216,250	$498/sf	41	2,477
2017	334	$1,222,500	$517/sf	34	2,265

We had a year-over-year 9% drop in new listings over the first five months of 2017, yet May sales were 10% higher (and late-reporters will add more).

They are selling fast too. The median DOM (days-on-market) was 16 days, which was the same as 2013 when we were in full-tilt boogie mode. Almost half the houses sold are finding their buyer within the first two weeks!

Updated 6/10/17