North County Coastal monitor

[sdrealtor]

Week 3 of January, all caught up

New 8 (8) –

Pending 16 (13) –

Thats -8

Closed 6 (6) –

Total houses on the market 54 (55 last year) with a median of 2.45M (2.1M). Two years ago we were at 21 and in 2021 after peak pandemic concern was dissipating we were at 50.

So much for the bump in listings, we are back to where we were last year in new listings and inventory level. The bumpy road continues.

[sdrealtor]

Week 4 of January

New 14 (9) –

Pending 13 (18) –

Thats +1

Closed 4 (11) –

Total houses on the market 63 (56 last year) with a median of 2.3M (2.2M). Two years ago we were at 24 and in 2021 after peak pandemic concern was dissipating we were at 48.

New listing counts seem to be running ahead of last year but most of what I see is higher end and more unique properties. good if you are looking for a beach property but not if you are looking for the more typical entry level or first move up family home.

Im thinking this is gonna be another tough year for buyers, sellers and those in the industry.

[sdrealtor]

Week 1 of Febuary

New 11 (8) –

Pending 14 (15) –

Thats -3

Closed 11 (12) –

Total houses on the market 63 (55 last year) with a median of 2.25M (2.2M). Two years ago we were at 26 and in 2021 after peak pandemic concern was dissipating we were at 44.

New listings continue to run slightly ahead of last year with pendings about the same. Its a bit of a stand off up here. What buyers want they flock to immediately and the others take a month or two to sell

I think this will be a year of consolidation to firm up these price levels +/- a bit but mostly flat pricing. This is still a relatively strong sellers market with constrained inventory

[sdrealtor]

Double post coming to catch up

Week 2 of February

New 17 (5) –

Pending 19 (15) –

Thats -2

Closed 12 (7) –

Total houses on the market 66 (47 last year) with a median of 2.4M (2.2M). Two years ago we were at 24 and in 2021 after peak pandemic concern was dissipating we were at 52.

New listings up nicely and we didnt see that high until mid April last year. Inventory starting to build

[sdrealtor]

Week 3 of February

New 22 (13) –

Pending 11 (11) –

Thats +11

Closed 14 (10) –

Total houses on the market 74 (52 last year) with a median of 2.375M (2.2M). Two years ago we were at 25 and in 2021 after peak pandemic concern was dissipating we were at 49.

New listings are defintely picking up and anecdotally it seems like a higher share are long time owners selling. There are some signs of boomer liquidation.

This is when buyer demand should start really kicking up a notch. If it does not inventory could build quickly and start to influence prices. For now market feels more balanced than it has in a while

[sdrealtor]

Forgot to post week 4 of Feb last week. Here it is

New 20 (8) –

Pending 19 (19) –

Thats +1

Closed 17 (9) –

Total houses on the market 76 (49 last year) with a median of 2.45M (2.5M). Two years ago we were at 31 and in 2021 we were at 53.

New listings continue at a higher pace than last year but things are selling also at roughly the same pace as new listings. We are getting some inventory build but are heading into what should be the strongest demand cycle of the year. The market continues to feel balanced with the good ones priced right going quickly but the ones pushing price are sitting

[sdrealtor]

first week of march

New 25 (15) –

Pending 22 (16) –

Thats +3

Closed 13 (16) –

Total houses on the market 81 (49 last year) with a median of 2.595M (2.388M). Two years ago we were at 25 and in 2021 we were at 42.

Inventory slowly building but demand is steady. Market is softening but not much. Two years ago prices were exploding but now they are holding steady at close to Spring 2022 peak prices.  Next few weeks we’ll see if inventory builds or demand starts to pick up as it should seasonally

[SDpadres]

Thanks for the posts @sdrealtor.  You had made a post before about cash/financing of home sales and was wondering if you had any insight on that now?  Is the demand investors with cash or families that are cashing in on their existing equity to upgrade?  TIA

[sdrealtor]

sorry just saw that. I think its a bit of everything. With rates where they are cash heavy buyers are more the rule. Demand is relatively muted but supply is also. WE are operating mostly in balance here. if we got a surge of inventory we could be in a bit of trouble but that doesn’t appear to be on the horizon and rates will gradually drift down over the next year or two so the party looks like it will continue in this range.

[sdrealtor]

2nd week of march

New 11 (11) –

Pending 27 (14) –

Thats -16

Closed 12 (7) –

Total houses on the market 71 (51 last year) with a median of 2.795M (2.195M). Two years ago we were at 31 and in 2021 we were at 52.

A big week for pending’s! A drop in new listings! I think it was a bit of an anomaly as it doesn’t feel different out here. I expect things to go back to where they were in the next week or two. Nonetheless that surge in pendings was seasonal demand stepping up. Lets see what happens through the next two weeks

[sdrealtor]

3rd week of march

New 21 (12) –

Pending 16 (15) –

Thats +5

Closed 16 (12) –

Total houses on the market 79 (46 last year) with a median of 2.55M (2.344M). Two years ago we were at 29 and in 2021 we were at 49.

New listings back up and pending’s down as a bunch of orders must’ve gotten filled two weeks ago. No surprise to see things go back and its looking like we are gonna slog along this Spring. Any big change would take lots of new inventory or a significant drop in rates neither of which look likely this Spring. Stand off mostly continues

[sdrealtor]

4th week of march

New 14 (13) –

Pending 24 (12) –

Thats -8

Closed 12 (17) –

Total houses on the market 61 (45 last year) with a median of 2.995M (2.3M). Two years ago we were at 27 and in 2021 we were at 57.

New listings back down and pendings back up. An increase in nice new listings generally will bring more sales especially in Spring. It seems like a continued dog fight out there.

One thing of note happened with the median listing price reaching close to $3M. I predicted this last year. Its partially due to higher prices but even more the limited inventory at lower prices getting snapped up leaving inventory very top heavy. It could go even higher

Almost time to run this weeks numbers and it feels like more of the same based upon what I saw this week

[sdrealtor]

5th week of march

New 17 (14) –

Pending 23 (17) –

Thats -6

Closed 15 (15) –

Total houses on the market 77 (46 last year) with a median of 2.5M (2.425M). Two years ago we were at 34 and in 2021 we were at 55.

Inventory went up despite more pending than listings for two reasons. We are seeing a higher percentage of homes falling out of escrow than we typically do. With prices and rates this high buyers are stretched and picky with more buyers remorse setting in. We also see homes coming off the market that haven’t sold for improvements. Rather than lowering prices sellers are taking them off to fix them up a bit more. There’s also the game playing of take a home off the market for a week or two and try to come back as a new listing.

The market is just hanging in there with buyers being discriminating as to what they want and dont want

[sdrealtor]

5th week of march

New 20 (12) –

Pending 22 (19) –

Thats -2

Closed 18 (10) –

Total houses on the market 80 (41 last year) with a median of 2.58M (2.545M). Two years ago we were at 51 and in 2021 we were at 61.

This is a time of year inventory climbs as Spring listings pile on the market while buyers tend to take a break for tax season in early April. Then its game on.

[evolusdv2]

Thanks for the continued updates sdr!

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