Highs and Lows of Recent Sales
Let's kick things off with the highest and lowest sales in the latest market update.
Highest Sale: The highest sale in June was a nearly $70 million oceanfront estate on Padaro Lane. Interestingly, the seller used those funds to buy back her previously sold home at 319 San Ysidro Road, which should be familiar because it just sold in March. The seller bought it back for exactly what it sold for—$32,000,000.
Lowest Sale: The lowest sale was a mobile home at 7465 Hollister Ave #110, which sold for $315,000.
Sales Trends and Cash Transactions
The market has seen steady sales activity with a total of 120 sales in June, reflecting a 3% increase from last year and exactly the same number as last month. Breaking this down:
- Single Family Residences (SFR): 81 sales, a slight 1% decrease from last year (down by 1 sale).
- Condominiums: 39 sales, a notable 15% increase from last year.
Notably, 42% of these transactions were cash deals, underscoring the competitive nature of the market. For buyers using financing, this highlights the importance of working with a reputable lender and having a solid strategy to compete against cash offers.
Days on Market and Median Sales Prices
The days on market remained steady, with single-family homes averaging 32 days and condos at 24 days. This quick turnover reflects the high demand for well-priced properties. Median sales prices show a varied trend:
- Single Family Residences (SFR): $1,995,000, down from $2,600,000 last month.
- Condominiums: $1,085,000, up from $929,000 last month.
*Year-to-date Median Sales Price: $2,250,000
Inventory Trends
Inventory levels have increased to 3.03%, up from 2.6% last month. This indicates a gradual rise in the number of properties available for sale, which could explain why today’s buyers are more discerning. However, this figure is still well below the 6-month threshold typically considered indicative of a balanced market.
- Active Listings Under $2M: 79 active listings.
- Single Family Residences: 45 active listings.
- Condos: 34 active listings
What This Means for Buyers and Sellers
For Buyers: The increase in inventory provides more options, allowing buyers to be more selective. Despite this, the current inventory level still reflects a competitive seller's market, meaning buyers need to act swiftly and decisively.
For Sellers: Even with the rise in inventory, sellers continue to have the upper hand due to the still-low supply relative to demand. Properly priced homes are likely to attract significant interest and competitive offers.
Whether you're buying, selling, or simply observing, understanding these trends is crucial for navigating this competitive landscape. If you have any questions or need personalized advice, don't hesitate to reach out. We're here to help you succeed in the real estate market.
