Last year's frenzy was crazy because of the volume - there were enough listings to drive sales higher than usual. This year we don't have as many listings, and it is driving the pricing to astonishing heights: NSDCC Sales and Pricing, April Year NSDCC Detached-Home...
Yesterday we saw how the NSDCC active listings shot up from 224 to 256 in one week! The count was at 190 just a month ago. But to keep it in perspective, let's compare it to previous years: NSDCC Active & Pending Listings, First Week of May Year NSDCC # of Active...
At some point over the last 6-12 months, Zillow started revising their zestimates higher - way higher! It has been noticed too, and now virtually every potential seller brings their zestimate to the table, and expects to list their home for that amount......or more....
It would be natural to assume that the insanity will settle down and buyers will stop feeling the need to drastically overpay, but who knows? The desperation isn't going away.
Remember in April, 2020 when everyone was scared to death to list their house for sale because they didn't want to catch the dreaded covid from strangers coming through? When agents were required to wipe down the house after every showing? It was the month that there...
There is some some discussion among the talking heads that a moderating frenzy could cause more sellers to come to market in hopes of getting out while they can. They may be right in areas where inventory is already exploding. But not in San Diego, where last month...
In the last 24 months, there were two sales of $1,670,000 and $1,725,000 in the Ranch of Carlsbad. In the last 12 months, there have been three sales in the $2,500,000s. Now there are two sales closed over $4,000,000!
The percentages of sales closed over the list price are higher than in 2021, but will it continue? NSDCC Monthly Detached-Home Sales, % Closed Over List Price ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ NSDCC Average...
Let's take a look at the covid history of one of our frenzy measuring sticks: NSDCC Sales-Price-to-List-Price Ratio: Month # of Sales Median List Price Median Sales Price SP:LP Ratio March 2020 206 $1,492,500 $1,445,000 96.8% Apr 156 $1,424,499 $1,390,000 97.6% May...
You can't spend too much time reading/watching the news recently without being well aware of the relatively unprecedented surge in mortgage rates seen so far in 2022. In particular, the month of March was one the worst on record with one individual week in March...
