We've never had a soft landing before, but this is how I imagine one would look - mortgage rates drop just enough to have sales and pricing level out: Year # of Sales Median SP Avg. Cost-per-sf Median DOM 2014 173 $985,000 $489/sf 34 2015 196 $1,173,750 $518/sf 38...
Our market was slumping towards the end of 2018, so no surprise that the numbers this year look so good. But the pace since 2013 is remarkable, and for last month's sales to only be down 10% vs. 2013 is incredible, given how strong our market was then: NSDCC...
A positive forecast from our friends at JBREC: Our proprietary model using Google search trends shows a bottoming & re-acceleration in resale and new home sales growth YOY into year end. Lower mortgage rates, better affordability, and an easy comp vs. last year's...
I was talking to Nick yesterday about the current market conditions, and how home sale have been affected by the low mortgage rates recently. You can see in the graph above that over the last five years we've been accustomed to rates in the threes, so it seemed...
I agree with Rich about pricing, and we are too deep into the year for it to change much now. There will be occasional deals, but for the most part, sellers will just wait until spring rather than give it away....
Talking heads would look at these MSPs and declare, "Home prices were UP 6% last month! But it's the median sales price that increased - not every home's value: NSDCC Detached-Home Sales, September: Year Sept. # Sales Med SP Med $/sf 2017 259 $1,265,000 $450/sf 2018...
I noted on Instagram today that a couple of new listings in Carlsbad went pending before they got to broker preview today. While the sales and pricing statistics may look flat, sellers shouldn't give up on selling when rates are still in the 3s. These are the...
You may remember that July's numbers were all negative when I reported them on August 11th. However, we had a slew of late-reporters, and July wasn't as bad as I thought - the closings over $2,000,000 were only down 14% YoY (instead of -38%). LINK HERE for corrected...
Though there has been a lot of noise and commotion in the real estate business lately, our local market has been relatively solid, given how unaffordable homes are for the masses: NSDCC Between June 1 - July 31 Year Number of Listings Number of Closings...
I had guessed that sales would drop 20% this year, but with mortgage rates being so cooperative it looks like we'll be fine. Detached-home sales in San Diego County's north coastal region for the first seven months of 2019 are only down 3% year-over-year (1,642 vs....
