It was a challenging and different year for the North County real estate market in 2023. Much higher interest rates resulted in less closed escrows by years end. However, fewer properties on the market meant that prices did not drop in any meaningful way at all. However it did slow down the price inflation of prior years.
1) Sales of all North County real estate types were down 19% in December from November but up 10% from December of last year. It is normal for 4th quarter sales to be less than 3rd quarter sales. Total sales for 2023 were down 20% from 2022.
2) Properties in escrow are down 22% from last month and up 8% from December of 2022.
3) Active listings on the market are down 13% from November and also 7% down from December of 2022.
4) The median price of a home on less than 10 acres in the North county is down 1 % to $700,000.
Wishing you all a happy and prosperous 2024 and don’t hesitate to get in touch if you need my help.