Reading Between the Lines of the Latest Market Data
With the warmer weather, the market is behaving more like mid-summer than late winter. There is real momentum right now. In conversations with agents across the coast, most are working with active buyers, but there continues to be limited new inventory coming to market.
We’re not seeing prices bid up week after week, but homes are selling and good properties are moving.
If interest rates were to come down, this could turn into a much faster-moving market. There is a large group of would-be sellers and buyers sitting on the sidelines because jumping from a 3% mortgage to a 6% rate still feels like too big of a leap. As that gap narrows, we expect more move-up and move-down buyers to re-enter the market.
In the meantime, cash buyers are very active and continue to take advantage of opportunities.
As you know, we love digging into the data. Here are a few numbers that stood out to us this week.
In La Jolla, there have been 41 closed sales in the past 30 days, with an average days on market of 50. There are currently 38 pending sales, with an average days on market of 86.
At first glance, that might suggest the market is slowing. However, knowing the inventory as well as we do, another takeaway is that homes which sat longer than average are now finding buyers.
Properties that were passed over a few months ago are starting to move as buyers adjust expectations and recognize value.
If you’d like to talk through what we’re seeing or how this market might affect your plans, we’re always happy to be a resource.
