~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ NSDCC Average and Median Prices by Month Month # of Sales Avg. LP Avg. SP Median LP Median SP Feb 224 $2,298,797 $2,257,334 $1,719,500 $1,758,000 March 252 $2,295,629 $2,260,524 $1,800,000 $1,825,000 April 357 $2,396,667...
The local Case-Shiller index is due tomorrow, and expectations are for a 2% drop from June. First American has their own repeat-sales index which is already showing a 12% decline in San Diego pricing (above)....
I tell potential home buyers to keep looking because you never know when you will find the right house - which is the most important part of the equation. Most will convince themselves that it will be easier to find the right house if prices came down, and besides,...
There will always be an occasional low sale here and there. What would cause home prices to really slide? There would need to be a series of low sales in the same area to create downward momentum. The next seller would have to be convinced that lower prices are a...
The final accuracy of any guess on appreciation doesn't matter. We all know that they are just guesses. What matters is whether home buyers and sellers will make decisions today, based on what they read. If I keep showing data and forecasts that show pricing isn't...
Chris asked how the current environment compares to the 2008 downturn. In the summer of 2008, there were only 601 NSDCC sales between June 1st and August 31st, in spite of there being 1,348 listings that summer. For the next two years, the number of listings far...
There were 31 and 38 new listings between La Jolla and Carlsbad in each of the last two weeks, which is incredible - the last time we had those numbers was in the beginning of January! As recently as 2019, the number of new listings in the middle of September were...
Above, Bill shows how the number of new listings is dropping off in San Diego. Yes, in the top chart, there were 20.7% more active listings YoY because you can wrongly price a listing today. Last year, just about everything was selling, which is very unusual! In...
I said: 0% appreciation for NSDCC (La Jolla to Carlsbad) in 2023. Zillow says: +1.5% to +1.9% for NSDCC. Goldman Sachs says: -1% for San Diego. Moody's has San Diego County home prices changing –3.65% between now and the end of 2023, and then -2.9% by the end of 2024....
Around the coast, the housing stock is finite - there isn't any more room to build new houses. Whether they knew it or not at the time, everyone has bought their 'forever' home and aging-in-place has become the natural trend. The higher prices and rates have locked...
