State of San Diego Real Estate

State Of San Diego Real Estate – February 2011

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.

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Plus Rancho Santa Fe, Del Mar, La Jolla, Carmel Valley, Solana Beach, Encinitas, and Coronado Luxury Real Estate Updates!

 

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 • 858-756-5120• www.themichaeltaylorgroup.com

Poway Luxury Real Estate Update:  1/15/2011

Sales Activity: Sales activity in Poway remains active.  There were 455 closed sales in 2010 compared to 428 in 2009.  The number of homes in escrow decreased by 6;  from 92 to 86.

Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, to 213 from 216 a month ago.   The inventory level remains at just under a  6-month supply.

The Silver Lining: Poway’s supply/demand ratio remains healthy.  This is good news for both the buyers and sellers.  Poway 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.

Rancho Santa Fe Luxury Real Estate Update:  1/15/2011

Sales Activity:   The total number of closed sales in 2010 were 215.  This compares to 148 last year in 2009, a healthy 45% increase.  The number of homes that have closed escrow from January 1st through January 15th was 6.  There are currently 33 homes in escrow in Rancho Santa Fe.  When factoring in the 18 properties which closed escrow since December 15, 2010, there were 8 new and contingent escrows reported as of January 15, 2011.

Inventory levels: The number of homes listed for sale has remained virtually the same from the previous month, 242 compared to 241 on December 15th.  The current listing inventory has dropped below a 24-month supply for the third straight month dropping to the lowest level since we began reporting in June of 2009.  While still the highest level of inventory when compared to other San Diego County luxury home communities, the pace of sales is definitely improved over a year ago.

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 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.

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

Del Mar Luxury Real Estate Update:  1/15/2011

Sales Activity: The total number of closed sales in 2010 was 137. This compares to 176 in 2009 and 136 in 2008. There were 7 closed sales from January 1st through January 15th. The number of homes in escrow as of January 15, 2011 remained virtually the same,   33 compared to 31 a month ago.   When factoring in the 7 properties which closed escrow since December 15, 2010 there were 9 net new escrows reported this month.

Inventory levels: The number of homes listed for sale has dropped from 186 a month ago to 167 on January 15th. The current listing inventory has crept back up to a 14 month supply, still down from a 16-month supply when we first began reporting in June of 2009.

The Silver Lining: With 137 closed sales in 2010, demand continues at an acceptable pace, although lagging compared to 2009 levels where we finished the year with 176 closed sales.  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.

Encinitas Luxury Real Estate Update:  1/15/2011

Sales Activity: Sales activity in Encinitas remains active.  There were 551 closed sales in 2010 compared to 493 in 2009. The number of homes in escrow decreased by 8; from 85 on December 15th to 77 on January 15th.

Inventory levels: During the last month, the total number of homes listed for sale dropped slightly to, 234 compared to 239 a month ago.   The inventory levels fell to just over a 5-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.

La Jolla Luxury Real Estate Update:  1/15/2011

Sales Activity: Sales activity in La Jolla remains consistently active.  There were 533 closed sales in 2010 the exact same number of MLS reported sales in 2009. From January 1st through January 15th there were 17 closed sales.  The number of homes in escrow has decreased to 74 from 91 as of December 15, 2010. Subtracting the number of closed sales the previous month, there were 12 new net escrows reported opened between December 15, 2010 and January 15, 2011.

Inventory levels: The total number of homes listed for sale decreased to 380 from 396 a month ago.   The inventory level has dropped to just under a 9-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 a 9-10-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 home within a reasonable marketing period.

Solana Beach Luxury Real Estate Update:  1/15/2011

Sales Activity: The total number of closed sales in 2010 was 165 compared to 154 in 2009.  The number of homes in escrow as of January 15, 2010 decreased to 22 compared to 27 a month ago.

Inventory levels: The number of homes listed for sale remained the same as the levels of a month ago, remaining at 88.  The current listing inventory compared to last year’s number of sales has dropped to just over an 8-month supply.

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.

 

Carmel Valley Luxury Real Estate Update:  1/15/2011

Sales Activity: Sales activity in Carmel Valley remains consistently active.  There were 671 closed sales in 2010 compared to 643 in 2009.  The number of homes in escrow dropped to 94 from 99 a month ago.  Subtracting the number of closed sales the previous month, there were 29 net new escrows reported as of January 15, 2010.

Inventory levels: During the last month, the total number of homes listed for sale decreased from 247 on December 15th to 222.  The inventory level dropped slightly to just under a 4 – month supply across all price points.  Multiple offers are still occurring on certain homes as a result of the low inventory levels.

The Silver Lining: Carmel Valley’s supply/demand ratio continues to show a stabilized 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 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.

 

Coronado Luxury Real Estate Update:  1/15/2011

Sales Activity:  In 2010 Coronado had 219 closed sales compared to 188 in 2009.   The number of homes in escrow as of January 15, 2011 rose to 32 compared to 26 a month ago. When factoring in the 13 properties which closed escrow since December 15, 2010 there were 19 net new escrows reported opened this past month.

Inventory levels: The number of homes listed for sale has decreased in this last month, decreasing to 198 from 225.  The current listing inventory has dropped to just under an 11-month supply. Coronado sales levels last year outpaced 2009 (188) and 2008 (170), a good indication that the market is moving toward stabilization.

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.

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