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Over List, June (Preliminary)

We are having fewer sales between Carlsbad and La Jolla, but about the same percentage are closing over the list price as we’ve seen in the previous months of 2022:

NSDCC Detached-Home Sales, June (Month-to-Date)

Number of Sales: 104

Number of Sales Closed Over List: 68 (65%)

Average List Price of Over Lists: $2,298,732

Average Sales Price of Over Lists: $2,448,509

SP:LP = 107%

Median List Price of Over Lists: $2,100,000

Median Sales Price of Over Lists: $2,267,500

SP:LP = 108%

Can we say that the list pricing has come down much? Not really.

The median days-on market of those that closed over list was 8 days, so pretty much all of the buyers were into the higher mortgage-rate era when they made their decision.

I know it’s tempting for waiting buyers to think it’s going to get better, later – but so far, all that’s happened is fewer sales.

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Over List, May 2022

There was a slight decline in the percentage of sales closed over the list price in May, but it matched the peak month in 2021, and historically speaking, it still sounds wild that nearly two out of three buyers are paying more than the list price when we are at these crazy-high price points.

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Here is how it breaks down by price range – the big decline was in one category:

NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500
Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000
Feb
156
$3,058,406
$3,104,854
$2,149,500
$2,386,500
Mar
206
$3,254,033
$3,342,384
$2,425,000
$2,625,000
Apr
224
$3,205,239
$3,267,447
$2,372,500
$2,575,000
May
214
$2,941,080
$3,030,794
$2,350,000
$2,480,000

The average and median sales prices are dropping, but so are the list prices so it’s expected. The median sales price could dip another 13% and still be in positive territory for 2022!

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Over List, April

Will April be the peak month of buyers paying over the list price?

NSDCC Detached-Home Sales, % Closed Over List Price

Hard to imagine that there will ever be another month where nearly three-quarters of the home buyers end up paying over the list price!

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How about those $3,000,000+ home buyers!

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NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500
Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000
Feb
156
$3,058,406
$3,104,854
$2,149,500
$2,386,500
Mar
206
$3,254,033
$3,342,384
$2,425,000
$2,625,000
Apr
224
$3,205,239
$3,267,447
$2,372,500
$2,575,000

Whoops – after the average sales price went up 7% MoM in January, 9% in February, and 8% in March, it dropped by 2% in April.

Same here – after the median sales price went up 4% MoM in January, 7% in February, and 10% in March, it dropped 2% in April too!

The median sales price could drop another 15% this year and still be in positive territory for 2022. Yet it would feel like a complete meltdown of epic proportions!

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Over List, March

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

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NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500
Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000
Feb
156
$3,058,406
$3,104,854
$2,149,500
$2,386,500
Mar
206
$3,254,033
$3,342,384
$2,425,000
$2,625,000

The average sales price went up 7% MoM in January, 9% in February, and 8% in March!

The median sales price went up 4% MoM in January, 7% in February, and 10% in March!

THE MEDIAN SALES PRICE IN MARCH WAS 25% HIGHER THAN IT WAS IN NOVEMBER!

This is the craziest real estate market ever!!

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The $1,500,000 – $2,000,000 was the hottest range in March, with 90% of sales closing over the list price.

Here are examples – the average here was 12% over the list price:




Carlsbad $1,000,000 Over List!

Well, the way it’s been going, it was bound to happen!

At least this house was fully remodeled, had a guest house (with double-tap kegerator!) and large pool all laid out nicely on a half-acre lot in the Ranch. This is the one I featured previously with the dozens of attendees at the open houses.

Here are the comps for the neighborhood – what was a trend in the upper-$2,000,000s in the second half of 2021 sure popped up in a hurry to $4 million+.  The pending sale had “several offers and is way over list”, according to the listing agent:

Over List, February

The market is heating up fast and early this year!  The majority of home buyers paid over the list price in February, and these were decisions mostly made in January:

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

April: 55%

May: 54%

June: 59%

July: 64%

August: 55%

September: 41%

October: 45%

November: 48%

December: 48%

January: 49%

February: 60%

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Even though the 2022 listings count for the first two months of the year is 33% BELOW the count in 2021, sales are only 16% under the average for the last five years:

NSDCC January + February Sales

2017: 174 + 172 = 346

2018: 149 + 162 = 311

2019: 150 + 174 = 324

2020: 182 + 184 = 366

2021: 187 + 224 = 411

2022: 140 + 156 = 296

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NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500
Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000
Feb
156
$3,058,406
$3,104,854
$2,149,500
$2,386,500

The average sales price went up 7% MoM in January, and 9% in February.

The median sales price went up 4% MoM in January, and 7% in February.

THE MEDIAN SALES PRICE WENT UP 7% IN ONE MONTH!

This is the craziest real estate market ever – and the spring selling season is just getting started!

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Over List, January

Even with the list prices reflecting massively-inflated values, nearly half of the homebuyers felt the need to pay over the list price lately:

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

April: 55%

May: 54%

June: 59%

July: 64%

August: 55%

September: 41%

October: 45%

November: 48%

December: 48%

January: 49%

There were another 15% who paid full price in January, so almost two-thirds paid all the money. There were 16 listings that sold with zero days on market too.

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Percentage Of Sales Over List Price by Price Range

Price Range
March
April
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
$0 – $1.0M
76%
79%
89%
88%
89%
88%
64%
78%
71%
88%
50%
$1.0M – $1.5M
68%
78%
84%
75%
74%
74%
37%
64%
64%
76%
82%
$1.5M – $2.0M
66%
66%
72%
66%
82%
73%
61%
58%
56%
50%
67%
$2.0M – $3.0M
54%
32%
34%
66%
56%
56%
36%
38%
46%
20%
33%
$3M+
16%
22%
22%
17%
26%
19%
24%
7%
22%
13%
26%

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The January sales were a little soft, historically, but the inventory has been decimated:

NSDCC January Sales

2017: 174

2018: 149

2019: 150

2020: 182

2021: 187

2022: 140

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NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500
Jan
140
$2,828,988
$2,855,213
$2,234,944
$2,240,000

The average sales price went up 7% MoM.

The median sales price went up 4% MoM.

The local pricing flattened out last summer, only to be revived over the last three months.

It should be a crazy spring – probably the craziest ever!

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Over List, December

Impressive momentum to wrap up the year, with almost half of the buyers feeling the need to pay over list:

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

April: 55%

May: 54%

June: 59%

July: 64%

August: 55%

September: 41%

October: 45%

November: 48%

December: 48%

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Have the higher-end buyers figured it out that paying over list could be a ruse though?

Percentage Of Sales Over List Price by Price Range

Price Range
March
April
May
June
July
Aug
Sept
Oct
Nov
Dec
$0 – $1.0M
76%
79%
89%
88%
89%
88%
64%
78%
71%
88%
$1.0M – $1.5M
68%
78%
84%
75%
74%
74%
37%
64%
64%
76%
$1.5M – $2.0M
66%
66%
72%
66%
82%
73%
61%
58%
56%
50%
$2.0M – $3.0M
54%
32%
34%
66%
56%
56%
36%
38%
46%
20%
$3M+
16%
22%
22%
17%
26%
19%
24%
7%
22%
13%

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The December sales were a little soft, historically, but the inventory has been decimated:

NSDCC December Sales

2017: 224

2018: 196

2019: 227

2020: 290

2021: 182

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NSDCC Average and Median Prices

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
$2,403,962
$1,799,900
$1,828,000
May
300
$2,596,992
$2,581,715
$1,900,000
$1,994,500
June
348
$2,509,175
$2,537,953
$1,900,000
$1,967,500
July
311
$2,421,326
$2,442,738
$1,795,000
$1,855,000
Aug
268
$2,415,075
$2,438,934
$1,897,000
$1,950,000
Sept
278
$2,479,440
$2,445,817
$1,899,000
$1,987,500
Oct
248
$2,754,470
$2,705,071
$1,899,000
$1,899,500
Nov
199
$2,713,693
$2,707,359
$1,999,000
$2,100,000
Dec
189
$2,686,126
$2,664,391
$1,985,000
$2,157,500

The median list price dropped and the median sales price went up!

The median sales price is 9% higher than the median list price!

The average LP and SP were almost identical for the second month in a row.

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