While the market is slowing, it is gradually evolving from an out of control, insane pace, to a normal seller’s market where pricing is key and strategy is necessary. It is a relief to know the market is starting to demand more reason. This will require agents and their clients to become more thoughtful and intentional with how they list homes and write offers, and we are happy that some of the frenzy and drama from the last two years may be a thing of the past.
This month, 19% of all homes on the market in SD and OC were reduced. This doesn't mean that prices are dropping, but that the upward trend of pricing based on recent comparable properties is no longer as steep. Homes that are overpriced or have location and/or environmental challenges must be priced correctly. We will continue to see some price adjustments over the next few months as the industry continues to adjust to the new normal.
Some new trends we are noticing: houses are now on the market longer, some offers are coming in under asking, and contingent offers are being considered again. As we prepare more properties for the market, we are assuring sellers that there are still plenty of buyers for each house if they are priced correctly.
This week we closed our Leucadia listing, 418 Parkwood Lane. When the owners called us to sell their newly-built and gorgeous coastal house west of I-5, we knew the location and style of this picturesque craftsman would be popular with many buyers. We quickly received multiple strong offers and ultimately closed for $400,000 over the asking price.
We also closed escrow for our buyers purchasing 725 Cathy Ln in Cardiff. When these long-time clients decided to move back to San Diego, we were thrilled! Cardiff people through and through, we started our search for the right coastal home and fit for their family. We ultimately secured this remodeled beach house for $2,070,000, and we are so excited for them to begin a new chapter back home in Cardiff.
Last but not least, we hope everyone has a wonderful Memorial Day weekend!
The NEDA NOURANI Team is the #1 real estate team in North County Coastal at Compass, serving San Diego's top real estate markets, including Encinitas, Leucadia, Olivenhain, La Costa, Carlsbad, Solana Beach, Del Mar, La Jolla, and beyond!