Last month's activity was marked by extremes on the outer fringes of the market, with both a few very high-end quality properties being put under contract as well as entry-level ones at reasonable valuations. There has also been a flood of new product entering the market, most of which is junk-to-medium grade with still very high prices for the mediocre offerings; apparently, many agents and their sellers still have not received the memo. There is still a ton of product which needs to drop substantially before it will find any takers. There are some notable exceptions with some very worthy products, such as a particular AAA-grade gated community with prime ocean view lots, which had come down by 15% to 20% off asking after having stagnated for some time. These were almost immediately put under contract upon the price reduction. To be sure there is still plenty of organic demand but very little worthy supply, so our advice to buyers is to act upon good deals immediately and not dillydally, because some 5-10 years from now, or sooner, you will not want to be telling yourself, "would have, could have, should have." Our advice to sellers is to accept the fact that the bull run of 2020-2022 is all but over and to return to reality by pricing your properties competitively. MP
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