Instead of using the median sales price as a gauge, let's look at the history of the median $/sf to help bring the size of the homes into the equation. Thoughts: I remember 2018 and 2019 being fairly flat and a bit of a struggle. Rates had been in the 3% to 4% range...
Last month, the 92009 median sales price declined 14.8% YoY, and was -22% MONTH-OVER-MONTH. Keyboard warriors everywhere will be jumping all over news like this. What really happened? The facts: Last month, there were 52% fewer sales than in September, 2021. The homes...
The over-bidding is winding down to more manageable levels as just 24% of August buyers were willing to pay over the list price. As usual, the $1,000,000 to $2,000,000 range was the most active, where inventory is low and the number of quality homes for sale even...
The latest CPI number is out today, and the over-reaction will put more pressure on mortgage rates. They are probably going to be around the 6% range for the foreseeable future. Let's predict the NSDCC monthly sales count for the rest of the year. Today, we have 411...
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....
The wildcard on pricing is that every potential seller has sufficient equity to dump on price if needed. Why a seller would give it away when there are so many other alternatives (renting, reverse mortgages, hard-money loans, etc.) is beyond me. Even flipper...
These guys are among the most negative in the business, so if they have San Diego County home prices changing -3.65% between now and the end of 2023, and then -2.9% by the end of 2024, then prices in the better areas will be positive. The most likely to happen is that...
There will be a few more late-reporters, but it looks like this year's July sales will be about half of what they were last year: NSDCC (La Jolla to Carlsbad) July Sales Year Number of Detached-Home Sales Median Sales Price Median DOM 2016 273 $1,100,000 45 2017 260...
The July stats have been updated on these interactive graphs of the 92009 (SE Carlsbad), 92024 (Encinitas), and 92130 (Carmel Valley) markets: We hear how the inventory has exploded, but compare it to history: Sales during the 2022 selling season have been similar to...
Last week, we saw here how the number of July sales has been plummeting, and with three days to go in the month, we are now at 119 NSDCC sales - which means we will end up with around 40% to 50% of last year's July sales. We also hear about how inventory is rapidly...
