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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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
Carlsbad Luxury Real Estate Update: 5/15/2011
Sales Activity: Sales activity in Carlsbad heated up slightly. There were 82 closed sales during the past month, raising the total number of closings year-to-date from 239 to 321 through May 15, 2011. The number of homes in escrow increased by 3; from 235 to 238. Of those, 80 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale increased slightly, increasing to 500 compared to 478 a month ago. The inventory level remains right at a 6-month supply.
The Silver Lining: Carlsbad’s supply/demand ratio remains healthy. This is good news for both the buyers and sellers. Carlsbad 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.
Carlsbad Chart – click here
Carlsbad Graph- click here
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
Poway Luxury Real Estate Update: 5/15/2011
Sales Activity: Sales activity in Poway remains active. There were 34 closed sales during the past month, raising the total number of closings year-to-date from 140 to 174 through May 15, 2011. The number of homes in escrow increased by 15; to 125 from 110 a month ago. Of those 125 escrows, 41 are contingent sales with the majority being “Short Sales”
Inventory levels: During the last month, the total number of homes listed for sale remained virtually the same: 210 compared to 199 a month ago. The inventory level remains between a 5-and-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 Bernardo, Santaluz, The Crosby Luxury Real Estate Update: 5/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 358 to 477, an increase of 119 closed sales. The number of homes in escrow as of May 15, 2011 increased by 5 homes, increasing to 339 compared to 334 a month ago. 131 of those open escrows are contingent sales, with the majority of those sales being “Short Sales”
Inventory levels: The number of homes listed for sale increased by 31, to 549 from 518 a month ago. The current listing inventory compared to last year’s number of sales equates to right at a 4-month supply.
The Silver Lining: The Rancho Bernardo market remains consistently stable. There continues to be a wide variety of homes that buyers can choose from. Sellers becoming more competitive with their pricing still have the opportunity to entice the right buyer and buyers have the opportunity to purchase a home with the advantage of the competitive environment.
Rancho Santa Fe Luxury Real Estate Update: 5/15/2010
Sales Activity: Over the past month, the total number of closed sales thus far in 2011 rose from 63 to 91, an increase of 28 closed sales. The number of homes in escrow as of May 15, 2011 dropped to 50 compared to 62 a month ago. Of those, 13 are contingent sales with the majority being “Short Sales”. When factoring in the 28 properties which closed escrow since April 15, 2011, there were 16 new and contingent escrows reported as of May 15, 2011.
Inventory levels: The number of homes listed for sale increased from the previous month, 267 compared to 259 on May 15th. The current listing inventory has risen slightly to a 15-month supply. While still the highest level of inventory when compared to other San Diego County luxury home communities, the pace of sales is consistent with last year.
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.
Del Mar Luxury Real Estate Update: 5/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 53 to 78, an increase of 25 closed sales. The number of homes in escrow as of May 15, 2011, dipped slightly from 49 to 43. Of those, 8 are contingent sales, with the majority being “Short Sales”. When factoring in the 25 properties which closed escrow since April 15, 2011, there were 19 net new escrows reported this month.
Inventory levels: The number of homes listed for sale rose slightly to 162 compared to 160 a month ago. The current listing inventory remains right at a 14-month supply, down from a 16-month supply when we first began reporting in June of 2009.
The Silver Lining: With 78 YTD closed sales through May 15, 2011, demand continues at an acceptable pace. 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: 5/15/2011
Sales Activity: Sales activity in Encinitas remains active. There were 47 closed sales during the past month, raising the total number of closings year-to-date from 133 to 180 through May 15, 2011. The number of homes in escrow increased by 9; to 122 from 113 a month ago. Of those open escrows, 33 are contingent sales, with the majority being “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale increased to 263 compared to 259 a month ago. The inventory level remains right at a 5-month supply.
The Silver Lining: The Encinitas 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: 5/15/2011
Sales Activity: Sales activity in La Jolla remains consistently active. There were 49 closed sales during the past month, raising the total number of closings year-to-date from 133 a month ago to 182. The number of homes in escrow remained the same; 96 a month ago and 96 on May 15, 2011. Of those, 28 were contingents sales with the majority being “Short Sales”. Subtracting the number of closed sales the previous month, there were 49 net new escrows reported open.
Inventory levels: The total number of homes listed for sale increased to 481 from 435 a month ago. The inventory level has risen to almost an 11-month supply, slightly above the lowest level since we first reported in June 2009.
The Silver Lining: La Jolla’s supply/demand ratio has continued to remain relatively stable. 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: 5/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 36 to 46, an increase of 10 closed sales. The number of homes in escrow as of May 15, 2011 rose to 34 from 26 a month ago. Of the 34 open escrows, 8 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: The number of homes listed for sale increased to 123 compared to 117 a month ago. The current listing inventory compared to last year’s number of sales equates to a 6-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: 5/15/2011
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 57 closed sales during the past month, raising the total number of closings year-to-date from 175 to 232. The number of homes in escrow decreased slightly to 124 from 129 a month ago. Of those, 39 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale rose to 257 from 247 a month ago. The inventory level remains just over a 4 -month supply across all price points. This indicates a very stabilized market.
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: 5/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 55 to 74, an increase of 19 closed sales. The number of homes in escrow as of May 15, 2011 decreased to 27 compared to 38 a month ago. Of those, only 4 are contingent “Short Sales”. When factoring in the 19 properties which closed escrow since April 15, 2011, there were only 8 net new escrows reported opened this past month.
Inventory levels: The number of homes listed for sale rose to 247 compared to 231 a month ago. The current listing inventory is just over 12-month supply, indicating a further move toward a stabilized market.
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.