The Pacifica Real Estate Market What Just Happened?
MARKET DIAGNOSIS | AUGUST 2023
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๐ August is usually the "slump" month in Pacifica Real Estate but it was HOT ๐ฅ causing pricing to increase across the board...
๐จ The floor has risen on Single-Family Homes. Low August inventory and strong comps set by hungry buyers inched pricing up along the board, even with rising interest rates. What?... I know. Weird, right?
๐ The most active price range was the $1.4mm-$1.6mm sector. But the $1.6mm-$1.8mm had a major comeback!
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๐ AUGUST COMPS
26 CLOSINGS (VS. JULY = 14 CLOSINGS)
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๐ FALL SEASON FORECAST
The usually predictable influx of inventory post-Labor Day has already been rolling onto the market over the past week. With 10 listings hitting the MLS in the past 7 days, the season has been forced to kick off early.
With increased inventory and rates, pricing should flatten a bit in the Fall market. But remember, although pricing is up across the board, rates are still keeping prices suppressed.
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Buyers
Regardless of the pricing uptick, prices are still being suppressed by these rates! The way to take advantage of these high rates is to buy now and refinance later.
๐ Food for thought...How much will prices go up once rates drop?
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Sellers
If you have a property between $1.1mm-$1.6mm the market has plenty of appetite. Those in the luxury segment at $1.8mm+ you may want to hang tight. There are low signs of life at this price point, and you'll optimize by holding out until Q1 2024 or when rates drop...
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๐ For a deeper dive into the market, or if you have specific real estate related questions call me or text me anytime.
CONTACT ME
(650) 898-8869 | call or text
michael@pacificarealtor.com
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Disclaimer
Michael Jimenez, Pacifica Realtor, DRE #01961866 provides access to information on this blog/website page as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all information made available is current, complete and accurate, Michael Jimenez does not warrant or represent that this information is current, complete and accurate. All information is subject to change on a regular basis, without notice. Michael Jimenez assumes no responsibility for any errors in the information provided, nor assumes any liability for any damages incurred as a consequence, directly or indirectly, of the use and application of any of the contents of the blog/website page. The inclusion of, or linking to, other website URLs does not imply our endorsement of, nor responsibility for, those web sites, but has been done as a convenience to our blog/website visitors. By using this site you understand that there is no attorney-client relationship between you and the site publisher.