Things are changing. More homes are coming on the market and the frenzy of the last few years is dying down. We still have an inventory shortage, but there is more movement and a loosening up happening. There are still plenty of qualified buyers and a lot of cash and equity.
I am happy to see this shift; change is what gives activity to the real estate market and this will just open up more opportunities for buyers and sellers. Always a good thing. Stagnant is never where we want to be.
22 homes sold in Rancho Santa Fe this May, that is down from 54 in May 2021 and more comparable to May 2019 when 27 homes sold.
Inventory has ticked up the last few months in 92067: from 46 in March, to 55 in April, and now 59 in May.
The Median Sales Price is still well up over last year, +29.7% in 92067, +40% in 92075, and +18.4% in 92014.
C.A.R. reports that housing equity has reached a new high with mortgage holders’ tappable equity up 34% year-over-year in April, and the total tappable equity at $11 trillion, twice the amount in the previous peak in 2006.