As with any detailed market analysis, it is essential that we look at past sales activity by price categories in order to understand how the current sales compare to the past sales activity.
The State of San Diego Real Estate
The Approach:
As with any detailed market analysis, it is essential that we look at past sales activity by price categories in order to understand how the current sales compare to the past sales activity. Additionally, it is important to compare the number of most recent sales to the number of properties on the market. This assists in understanding how the supply/demand ratio has impacted and will continue to impact values, and helps forecast the number of sales that may occur in the future. This information is vital for the development and implementation of marketing and pricing strategies for both sellers and buyers.
Written by Michael Taylor, Prudential California Realty • 858-759-5950 • www.doughertytaylor.com
An update of last month’s analysis of Rancho Santa Fe, Del Mar,
Solana Beach, Encinitas, Coronado, La Jolla, and Carmel Valley
PLUS NEW THIS MONTH: Poway & Rancho Bernardo:
RANCHO SANTA FE Update 4/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales thus far in 2010 rose from 35 to 50, an increase of 15 closed sales. The number of homes in escrow as of April 15, 2010 increased to 51 from 40 the month before. Contingent sales are now included in our reporting. When factoring in the 15 properties which closed escrow since March 15, 2010, there was an increase of 26 new and contingent escrows reported as of April 15, 2010.
INVENTORY LEVELS: The number of homes listed for sale has increased over the past month to 295 compared to 284 on March 15, 2010. The current listing inventory has slid back up to a 24-month supply. While still the highest level of inventory when compared to other San Diego County luxury home communities, the pace of sales seems to be increasing.
THE SILVER LINING: With the number of sales increasing we are continuing to move toward a more stabilized marketplace. There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing still have an opportunity to entice the right buyer and buyers can take comfort that it remains a great time to buy luxury real estate.
DEL MAR Update 4/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 22 to 34, an increase of 12 closed sales. The number of homes in escrow as of April 15, 2010 increased from 32 the month before to 37. When factoring in the 12 properties which closed escrow since March 15, 2010 there were 17 net new escrows and contingent sales reported this month.
INVENTORY LEVELS: The number of homes listed for sale increased for the third straight month to 165 from 149 a month ago. The current listing inventory equates to a 10-month supply, down from a 16-month supply when we first began reporting in June of 2009.
THE SILVER LINING: With 12 closed sales through April 15, 2010, demand continues at an acceptable pace. Hopefully this trend will continue throughout 2010. There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing will have an opportunity to entice the right buyer.
Carmel Valley Chart – click here
Carmel Valley Graph- click here
Coronado Chart- click here
Coronado Graph – click here
Del Mar Chart- click here
Del Mar Graph – click here
Encinitas Chart – click here
Encinitas Graph- click here
Solana Beach Chart- click here
Solana Beach Graph – click here
La Jolla Chart- click here
La Jolla Graph – click here
Rancho Sante Fe Chart- click here
Rancho Sante Fe Graph – click here
Poway Chart click here
Poway Graph – click here
Rancho Bernardo Chart- click here
Rancho Bernardo Fe Graph – click here
Community Comparison – click here
SOLANA BEACH Update 4/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 29 to 41, an increase of 12 closed sales. The number of homes in escrow as of April 15, 2010 increased from 29 a month ago to 41.
INVENTORY LEVELS: The number of homes listed for sale has remained constant with the levels of a month a ago, decreasing to 107 from 108. The current listing inventory compared to last year’s number of sales equates to just over an 8-month supply, the same as reported last month.
THE SILVER LINING: The Solana Beach market remains relatively stable. There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing still have an opportunity to entice the right buyer and buyers have the opportunity to purchase a home with the advantage of the competitive environment.
ENCINITAS Update 4/15/2010
SALES ACTIVITY: Sales activity in Encinitas remains active. There were 41 closed sales during the past month, raising the total number of closings year-to-date from 96 to 137 through April 15, 2010. The number of homes in escrow increased by 27 ; increasing from 120 to 147.
INVENTORY LEVELS: During the last month, the total number of homes listed for sale decreased slightly from 238 to 228. The inventory level remains right at a 6-month supply.
THE SILVER LINING: Encinitas’s supply/demand ratio remains healthy. This is good news for both the buyers and sellers. Encinitas remains one of the most stable communities in the North County area. The favorable balance of the number of new home sales and the number of homes available to purchase should provide both sellers and buyers a level of comfort in making their selling and buying decisions.
CORONADO Update 4/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 26 to 48, an increase of 22 closed sales. The number of homes in escrow as of April 15, 2010 decreased slightly to 39 from 43. When factoring in the 22 properties which closed escrow since March 15, 2010 there were 18 net new escrows opened this past month.
INVENTORY LEVELS: The number of homes listed for sale decreased over the four months preceding February 15, 2010, but now has taken a slight uptick for the second straight month, increasing to 204 from 190 a month ago. The current listing inventory equates to just over a 12-month supply, while up from the previous month, Coronado has continued to have roughly the same number of annual sales since 2008.
THE SILVER LINING: There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing still have an opportunity to entice the right buyer and buyers have the opportunity to purchase a home with the advantage of the competitive environment. This remains a great time to buy luxury real estate.
LA JOLLA Update 4/15/2010
SALES ACTIVITY: Sales activity in La Jolla remains consistently active. There were 56 closed sales during the past month, raising the total number of closings year-to-date from 82 a month ago to 138. The number of homes in escrow decreased slightly to 113 from 115. We are now reporting contingent sales in these numbers. Subtracting the number of closed sales the previous month, there were 54 new net escrows reported open.
INVENTORY LEVELS: The total number of homes listed for sale increased to 392 from 357. The inventory level has risen slightly to just over an 8-and a half month supply, remaining near the lowest level since we first reported in June 2009.
THE SILVER LINING: La Jolla’s supply/demand ratio has continued to improve since we started reporting and continues to hover at about an 8-month supply. This remains good news for both the buyers and sellers. Buyers still have a variety of homes to consider and Sellers are finding that with competitive pricing they have the opportunity to sell their homes within a reasonable marketing period.
CARMEL VALLEY Update 4/15/2010
SALES ACTIVITY: Sales activity in Carmel Valley remains consistently active. There were 53 closed sales during the past month, raising the total number of closings year-to-date from 106 to 159. The number of homes in escrow increased from 141 a month ago to 158. Subtracting the number of closed sales the previous month, there were 70 net new escrows reported as of April 15, 2010.
INVENTORY LEVELS: During the last month, the total number of homes listed for sale increased slightly from 203 to 212. This inventory increase is consistent with the seasonal increase we typically start seeing this time of year. The inventory level remains at just under a 4-month supply across all price points. Multiple offers are occurring on certain properties because of the lack of inventory.
THE SILVER LINING: Carmel Valley’s supply/demand ratio continues to show a stabilizing market. This is great news for both the buyers and sellers. Carmel Valley remains one of the most stable communities within its geographic area. The favorable balance of the number of new home sales and the number of homes available to purchase continues to provide both sellers and buyers a level of comfort in making their selling and buying decisions.
POWAY Update 4/15/2010
SALES ACTIVITY: Since the beginning of the year through April 15, 2010 , the total number of closed sales is 108. The number of homes in escrow as of April 15, 2010 was a healthy 135 homes. The pace is consistent with the pace of 2009 which was 10% stronger than 2008.
INVENTORY LEVELS: The number of homes listed for sale on April 15, 2010 was 190. The current listing inventory equates to approximately a 5-month supply when compared to the number of sales in 2009.
THE SILVER LINING: With the number of sales seemingly keeping a healthy pace, we are continuing to move toward a more stabilized marketplace. There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing still have an opportunity to entice the right buyer and buyers can take comfort that it remains a great time to buy real estate.
RANCHO BERNARDO,
SANTALUZ, THE CROSBY Update 4/15/2010
SALES ACTIVITY: Sales activity in Rancho Bernardo remains consistently active. There were 376 closed sales through April 15th of this year. This number of homes in escrow is actually more than the number of homes having closed this year with 437 homes in escrow waiting to close. At the pace of sales, there should be more closings in 2010 than we experienced in 2009-A concrete sign that the market is stabilizing.
INVENTORY LEVELS: The total number of homes listed for sale on April 15, 2010 was only 442, equating to under a 4-month supply when compared to last year’s sales levels.
THE SILVER LINING: Rancho Bernardo’s supply/demand ratio is continuing to improve. With this stabilizing market, buyers still have a variety of homes to consider and sellers are finding that with competitive pricing they have the opportunity to sell their home within a reasonable marketing period.