The Luxury Market has Slowed Slightly
San Diego has some of the most amazing luxury homes in the county. Luxury home prices are relatively low here, when you compare them with our neighbors to the north. Amazing climate…Low real estate prices…But in the last few weeks we’ve seen some slowing in the market…
In the past couple of weeks, the luxury inventory of homes priced above $1.5 million decreased from 649 to 646 homes, down 3 homes, so nearly unchanged. Luxury demand decreased by 21 pending sales, down 7%, and now sits at 277. With demand falling and supply unchanged, the overall Expected Market Time for luxury homes priced above $1.5 million increased from 65 to 70 days… The San Diego luxury market is the hottest in all of SoCal. At 70 days, it may not be as hot as most of 2021 and the first half of 2022, but it is still a ferocious pace for luxury.
Year over year, luxury demand is down by 100 pending sales or 27%, and the active luxury listing inventory is up by 201 homes or 45%. Last year's Expected Market Time was 35 days… an insane velocity for luxury.
For homes priced between $1.5 million and $2 million, the Expected Market Time in the past two weeks increased from 41 to 48 days. For homes priced between $2 million and $4 million, the Expected Market Time decreased from 68 to 65 days. For homes priced above $4 million, the Expected Market Time increased from 149 to 161 days. At 161 days a seller today, would be looking at placing their home into escrow around August.
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