Another reflection on the current state of the local market. While it feels a little softer and active-inventory counts have risen (though still well below previous years), the demand has been voracious, and it would need to cool off dramatically before any panic sets...
The number of NSDCC first-half sales are 15% higher than the 2017-2019 average number of sales, and THE MEDIAN SALES PRICE IS +32% YoY: NSDCC Sales, Jan 1 to June 30 Year # of 1H Sales Median SP # of Sales Over $2M Over $2M/Total Sales % 2017 1,585 $1,225,000 292 18%...
https://journal.firsttuesday.us/san-diego-housing-indicators-2/29246/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The last paragraph (above) might be the worst misread in the history of forecasting. I'm not sure why they are sticking with it. Mortgage servicers...
The Covid Frenzy has had remarkable shift in market efficiency like we have never seen. Historically, we have had so many listings that 35% to 40% of them didn't sell. This year we had 977 listings hit the market in 1Q21, and 80% of them have already closed escrow! ...
Click on your county (not on the dot) for the stats: https://public.flourish.studio/visualisation/6495426/
We're still waiting for that flood of inventory! NSDCC May Listings and Sales Year # of Listings Median LP # Sales Median SP Avg. $/sf Median $/sf 2017 507 $1,370,000 345 $1,200,000 $525/sf $418/sf 2018 522 $1,399,450 273 $1,325,000 $592/sf $480/sf 2019 502 $1,450,000...
Hey Jim - did you say home prices went up 9% in one month? No, the NSDCC median sales price went up 9%, and there's a difference. Here's a look at the mix of homes between La Jolla and Carlsbad that sold in their respective months: Month, Year Total # of Sales Avg SF...
For us data geeks, here are some raw numbers to ponder. Between La Jolla and Carlsbad, there are three prime zip codes - 92009 (SE Carlsbad), 92024 (Encinitas), and 92130 (Carmel Valley) - that are the dominant target zones for buyers of the mid-range home (which...
Even though San Diego is the highest-priced metro on the list, I think we are prime for upward movement. Those metros who have -40% or worse on their YoY inventory won't have enough sales to keep the price momentum going much longer. We have the right mix of -22%...
The NSDCC inventory has been a perfect match for the heightened demand of 2021. With roughly 20% fewer homes for sale, the scarcity has energized buyers to grab anything that's close to being a good match - while the pickier buyers wait patiently. This month's...
