Home Sale Prices are Up, Inventory is Up, and Mortgage Rates are Up
Carmel Valley had a median sale price of $2,162,500 and a median list price $1,942,500. Considering the month prior, we had only 29 closings in February vs 54 in March in addition, we are seeing more inventory come on market. Sale price has gone up almost 14% in the past month!
Del Mar currently has 20 active listings; the same as last month. March saw 20 closings vs. 15 closings in February. The median sale price was $3,112,500 in March vs. $3.6M in February.
Cardiff, Solana Beach, Encinitas almost doubled the amount of sales in March at 83 vs. 45 sales in February. The median sale price in March was $1.95M vs. $1.69M in February. Homes sold 15% higher than the list price.
What Does this Mean to You?
Although the market is expected to cool off somewhat due to the fact that prices have been increasing at record highs, mortgage rates continue to inch up, and more inventory is coming on market in the next few months. For those waiting to sell, you may be met with greater competition and buyers (loan) with less purchasing power.
The same goes for prospective home buyers. The market will most likely see a softening in prices, but that doesn’t mean a decrease. Also note that mortgage interest rates are at the 4% mark, plus or minus. Historically, 4% is still a great rate, but keep in mind that the higher the interest rate, the less purchasing power you have.
*Data taken from the San Diego MLS April 5th at 12:02 pm, from 3/1/22 – 3/31/22, in the following zip codes (92014, 92130, 92075, 92007, 92024)
| Ashley Peterson, Realtor Pacific Sotheby’s International Realty DRE: 01840629 | hello at grateful in San Diego dot come |
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