As of February 1st, the January sales count is 103, with the median sales price at $2,275,000, which is a nice pop over the 87 sales from last month. The graph above shows how any momentum was thwarted by rising rates in October, and some relief now is probably contributing to more sales and activity locally (though the mortgage purchase apps were down 11% nationwide today).
By Monday we’ll be able to crown Joe as the winner of the Padres tickets!
Slightly more inventory is the best-case scenario for a healthy selling season. Too many new listings might cause buyers to pause and see where it’s going, but we’re not close to a surge today. A bigger threat would be running out of affluent buyers.
217 – January 2024 Listings (205 in January, 2023)
103 – January Sales so far (median sales price = $2,275,000)
42 – January Sales Under $2,000,000
15 – January Sales Over $4,000,000
$1,100,000 – Lowest-priced sale in January (a detached condo)
$18,500,000 – Highest-priced sale in January (Oceanfront sold off-market)
20 – Median Days on Market
February should be incredible with momentum increasing rapidly. The selling season is here!
Mortgage tip: For those getting a loan under $1,000,000, you can get an FHA rate in the high-5s today!
