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: 4/15/2011
Sales Activity: Sales activity in Carlsbad heated up slightly. There were 99 closed sales during the past month, raising the total number of closings year-to-date from 140 to 239 through April 15, 2011. The number of homes in escrow increased by 16; from 219 to 235. 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 478 compared to 440 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: 4/15/2011
Sales Activity: Sales activity in Poway remains active. There were 57 closed sales during the past month, raising the total number of closings year-to-date from 83 to 140 through April 15, 2011. The number of homes in escrow decreased by 9; to 110 from 119 a month ago. Of those 119 escrows, 37 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: 199 compared to 202 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, The Crosby, Santaluz Luxury Real Estate Update: 4/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 216 to 358, an increase of 142 closed sales. The number of homes in escrow as of April 15, 2011 decreased by 10 homes; to 334 compared to 343 a month ago. 141 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 17; to 518 from 501 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: 4/15/2010
Sales Activity: Over the past month, the total number of closed sales thus far in 2011 rose from 41 to 63, an increase of 22 closed sales. The number of homes in escrow as of April 15, 2011 rose to 62 compared to 51 a month ago. Of those, 15 are contingent sales with the majority being “Short Sales”. When factoring in the 22 properties which closed escrow since March 15, 2011, there were 33 new and contingent escrows reported as of April 15, 2011.
Inventory levels: The number of homes listed for sale increased from the previous month, 259 compared to 246 on March 15th. The current listing inventory remains at a 14-month supply, 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 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: 4/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 35 to 53, an increase of 18 closed sales. The number of homes in escrow as of April 15, 2011 rose from 40 to 49. Of those, 11 are contingent sales, with the majority being “Short Sales”. When factoring in the 18 properties which closed escrow since March 15, 2011, there were 27 net new escrows reported this month.
Inventory levels: The number of homes listed for sale dipped slightly to 160 compared to 170 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 53 YTD closed sales through April 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: 4/15/2011
Sales Activity: Sales activity in Encinitas remains active. There were 51 closed sales during the past month, raising the total number of closings year-to-date from 82 to 133 through April 15, 2011. The number of homes in escrow increased by 9; to 113 from 104 a month ago. Of those open escrows, 31 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, 259 compared to 241 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: 4/15/2011
Sales Activity: Sales activity in La Jolla remains consistently active. There were 44 closed sales during the past month, raising the total number of closings year-to-date from 89 a month ago to 133. The number of homes in escrow increased from 89 a month ago to 96 on April 15, 2011. Of those, 22 were contingent sales with the majority being “Short Sales”. Subtracting the number of closed sales the previous month, there were 54 new net escrows reported open, an increase of 10 escrows.
Inventory levels: The total number of homes listed for sale increased to 435 from 410 a month ago. The inventory level remains at roughly 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-to-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: 4/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 21 to 36, an increase of 15 closed sales. The number of homes in escrow as of April 15, 2011 remained at 26. Of the 26 open escrows, 7 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: The number of homes listed for sale increased to 117 compared to 103 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: 4/15/2011
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 64 closed sales during the past month, raising the total number of closings year-to-date from 111 to 175. The number of homes in escrow increased to 129 from 122 a month ago. Of those 40 are contingent sales, the majority of which are “Short Sales”. Subtracting the number of closed sales the previous month, there were 71 net new escrows reported as of April 15, 2011.
Inventory levels: During the last month, the total number of homes listed for sale rose to 247 from 232 a month ago. The inventory level remains just at 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: 4/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 38 to 55, an increase of 17 closed sales. The number of homes in escrow as of April 15, 2011 rose back up to 38 compared to 26 a month ago. Of those only 6 are contingent “Short Sales”. When factoring in the 17 properties which closed escrow since March 15, 2011, there were 29 net new escrows reported opened this past month.
Inventory levels: The number of homes listed for sale rose slightly to 231 compared to 213 a month ago. The current listing inventory is between an 11-to-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.