Low inventory levels continue to be our biggest issue. As of April 13, 2023 in 92130 there are two single-family homes for sale under $2,000,000. Between $2,000,001 and $8,000,000 there are a total of 21 single family homes for sale. To put some perspective on the demand relative to the price we just sold a property in the subdivision of Sausalito where we received 18 offers and we are in escrow considerably above the listed price. We also listed a home in Alta Del Mar at $4,699,000 and we have that home in escrow in less than a week. A very high demand and no inventory.
When the federal reserve raised the interest rates in June 2022 a lot of buyers moved to the sidelines and decided to wait. Those same buyers are now back in the marketplace. The buyers have become very picky in what they’re willing to purchase. They are ready to buy if the right property comes on the market. The current market is more attractive to the buyers because statistically we are down 23.6% in the median sales price as of March 2023 compared to March 2022. The downside for the buyers is that the interest rates have increased substantially since July 2022.
I started selling real estate in the ZIP Code of 92130 in 1987. My son Taylor joined me as my partner in 2016. Over the last 35 years we have had the privilege of helping thousands of individuals build wealth and achieve their real estate goals. Please call, text, or email us for a private consultation on how we can help you build wealth and achieve your real estate goals.