State of San Diego Real Estate

State Of San Diego Real Estate – July 2010

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.

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 • 858-756-8020• www.themichaeltaylorgroup.com

An update of last month’s analysis of Rancho Santa Fe, Del Mar,

Solana Beach, Encinitas, Coronado, La Jolla, Carmel Valley, Poway, Rancho Bernardo/The Crosby/Santaluz & NEW this month CARLSBAD:

NEW Carlsbad: 6/15/2010

Sales Activity: Sales activity in Carlsbad remains is active. There have been 448 closed sales through June 15, 2010. This compares to 871 closed sales all of last year. We are on a pace to have more closed sales than last year. The number of homes in escrow on June 15th was 243. This includes contingent sales as well.

Inventory levels: Total homes listed for sale are 457. This equates to a 6-month supply of inventory. With these inventory levels Carlsbad is enjoying a relatively stable market again.

The Silver Lining: Carlsbad’s supply/demand ratio continues to show a stabilizing market. This is great news for both the buyers and sellers. Carlsbad 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.

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

Rancho Santa Fe Update: 6/15/2010

Sales Activity: Over the past month, the total number of closed sales thus far in 2010 rose from 74 to 96, an increase of 22 closed sales. The number of homes in escrow as of June 15, 2010 increased to 50 from 44 the month before. When factoring in the 22 properties which closed escrow since May 15, 2010, there was an increase of 28 new and contingent escrows reported as of June 15, 2010.

Inventory levels: The number of homes listed for sale has risen slightly from the previous month, 306 compared to 294 on May 15th. The current listing inventory still remains at 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 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.

Del Mar: 6/15/2010

Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 46 to 64, an increase of 18 closed sales. The number of homes in escrow as of June 15, 2010 decreased from 43 the month before to 34. When factoring in the 18 properties which closed escrow since May 15, 2010 there were 9 net new escrows reported this month.

Inventory levels: The number of homes listed for sale has increased again, rising from 159 a month ago to 187 on June 15th. The current listing inventory equates to just over a 12-month supply, down from a 16-month supply when we first began reporting in June of 2009.

The Silver Lining: With 64 closed sales through June 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.

Solana Beach Update: 6/15/2010

Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 60 to 83, an increase of 23 closed sales. The number of homes in escrow as of June 15, 2010 decreased slightly, decreasing to 36 compared to 40 a month ago.

Inventory levels: The number of homes listed for sale has remained constant with the levels of a month ago, increasing to 113 from 110. 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: 6/15/2010

Sales Activity: Sales activity in Encinitas remains active. There were 53 closed sales during the past month, raising the total number of closings year-to-date from 198 to 251 through June 15, 2010. The number of homes in escrow decreased by 9; decreasing from 131 to 122.

Inventory levels: During the last month, the total number of homes listed for sale increased slightly, from 254 to 282. 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: 6/15/2010

Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 69 to 93, an increase of 24 closed sales. The number of homes in escrow as of June 15, 2010 remained exactly the same at 38. When factoring in the 24 properties which closed escrow since May 15, 2010 there were 24 net new escrows reported opened this past month.

Inventory levels: The number of homes listed for sale has taken another slight uptick for the fourth straight month, increasing to 239 from 226 a month ago. The current listing inventory equates to just over a 15-month supply. Coronado continues to have roughly the same number of annual sales it has experienced 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: 6/15/2010

Sales Activity: Sales activity in La Jolla remains consistently active. There were 48 closed sales during the past month, raising the total number of closings year-to-date from 181 a month ago to 229. The number of homes in escrow increased to 129 from 115 a month ago. Subtracting the number of closed sales the previous month, there were 62 new net escrows reported open.

Inventory levels: The total number of homes listed for sale increased slightly to 435 from 421 a month ago. The inventory level has risen slightly to 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-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.

Carmel Valley Update: 6/15/2010

Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 71 closed sales during the past month, raising the total number of closings year-to-date from 219 to 290. The number of homes in escrow decreased from 156 a month ago to 124. Subtracting the number of closed sales the previous month, there were 39 net new escrows reported as of June 15, 2010.

Inventory levels: During the last month, the total number of homes listed for sale increased just under 20%, increasing from 207 to 247. The inventory level increased slightly to a 4 and a half month supply across all price points. Multiple offers are still occurring on certain properties because of the low of inventory levels.

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 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: 6/15/2010

Sales Activity: Sales activity in Poway remains active. There were 65 closed sales during the past month, raising the total number of closings year-to-date from 140 to 205 through June 15, 2010. The number of homes in escrow decreased by 36; decreasing from 150 to 114.

Inventory levels: During the last month, the total number of homes listed for sale increased approximately 10%, increasing from 200 to 222. The inventory level remains right at 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 Bernardo, Santaluz, The Crosby Update: 6/15/2010

Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 529 to 693, an increase of 164 closed sales. The number of homes in escrow as of June 15, 2010 remained virtually the same at 435 compared to 438 a month ago.

Inventory levels: The number of homes listed for sale has remained constant with the levels of a month ago, decreasing by 1, to 467 from 468. The current listing inventory compared to last year’s number of sales equates to right at a 4-month supply, the same as reported last month.

The Silver Lining: The Rancho Bernardo 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.

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