With all that is written about the condition of the real estate market, whether it be nationwide, statewide or San Diego County, it is important to recognize that what is published is a very broad view of the market, and this view may or may not apply to a specific area.
THE STATE OF SAN DIEGO LUXURY REAL ESTATE
With all that is written about the condition of the real estate market, whether it be nationwide, statewide or San Diego County, it is important to recognize that what is published is a very broad view of the market, and this view may or may not apply to a specific area. Just as weather patterns differ by location, the real estate market can dramatically differ from neighborhood to neighborhood. . In this edition, we are looking at the communities of Rancho Santa Fe, La Jolla, Carmel Valley, Del Mar, Solana Beach, Encinitas, and Coronado . We will continue to update the 7 areas presented here so that San Diegans will know what is happening in the real estate market in their neighborhoods.
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.
Rancho Santa Fe Update: 9/15/2009
Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 81 to 96, an increase of 15 closed sales. The number of homes in escrow as of September 15, 2009 decreased to 20 from 35 the month before. When factoring in the 15 properties which closed escrow since August 15, 2009 there were no new net escrows opened since August 15, 2009.
Inventory levels: The number of homes listed for sale has decreased slightly over the past month to 356 compared to 365. The current listing inventory remains at almost a 26-month supply, still the highest level of inventory when compared to other San Diego County luxury home communities.
The Silver Lining: With the number of listings decreasing slightly and the pending escrow not dipping below the number in escrow after the 15 closings for the month, we are holding our own. There continues to be a wide variety of homes that buyers can choose from. Sellers who are willing to become more competitive with their pricing still have an opportunity to entice the right buyer and Buyers can take comfort that a decreasing supply of inventory is moving toward a stabilizing market.
Del Mar: 9/15/2009
Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 90 to 104, an increase of 14 closed sales. The number of homes in escrow as of September 15, 2009 rose from 29 the month before to 38. When factoring in the 14 properties which closed escrow since August 15, 2009 there were 23 net new escrows opened since August 15, 2009.
Inventory levels: The number of homes listed for sale has fallen to 177 from 201 a month ago. The current listing inventory equates to just under a 16-month supply. While the supply has declined almost 2 months it still remains the third highest level of inventory when compared to other San Diego County luxury home communities.
The Silver Lining: With 23 net new escrows opened between August 15 and September 15, demand appears to be picking up nicely; a sign of moving toward a more stabilized market. 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.
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
Solana Beach Update: 9/15/2009
Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 82 to 95, an increase of 13 closed sales. The number of homes in escrow as of September 15, 2009 decreased from 26 to 21. When factoring in the 13 properties which closed escrow since August 15, 2009 there were 8 new net escrows opened since August 15, 2009.
Inventory levels: The number of homes listed for sale dipped slightly to 126 from 140. The current listing inventory compared to last year’s number of sales equates to an 11-month supply. Down slightly for the previous month.
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.
Encinitas Update: 9/15/2009
Sales Activity: Sales activity in Encinitas remains active. There were 40 closed sales during the past month, raising the total number of closings year-to-date from 293 a month ago to 333 as of September 15, 2009. The number of homes in escrow decreased by 19; decreasing from 105 to 86. Subtracting the number of closed sales the previous month, there were 21 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, decreasing from 243 to 237. The inventory level remains at a 6-month supply, roughly the same level as the previous month.
The Silver Lining: Encinitas’s supply / demand ratio has remained relatively consistent over the past month. This is good news for both the Buyers and Sellers. Encinitas 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 should provide both sellers and buyers a level of comfort in making their selling and buying decisions.
Coronado Update: 9/15/2009
Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 96 to 125, an impressive increase of 29 closed sales. The number of homes in escrow as of September 15, 2009 decreased from 38 to 23. When factoring in the 29 properties which closed escrow since August 15, 2009 there were 14 escrows opened since August 15, 2009.
Inventory levels: The number of homes listed for sale has decreased over the past month, dipping from 283 to 260. The current listing inventory equates to just over an 18-month supply, while down nicely from the previous month, Coronado still has the second highest level of inventory when compared to other San Diego County luxury home communities.
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.
La Jolla Update: 9/15/2009
Sales Activity: Sales activity in La Jolla remains consistently active. There were 60 closed sales during the past month, raising the total number of closings year-to-date from 284 a month ago to 344. The number of homes in escrow decreased to 87 from 122. Subtracting the number of closed sales the previous month, there were 25 net new escrows opened.
Inventory levels: For the second straight month, the total number of homes listed for sale decreased by about 4%, decreasing from 489 to 466. The inventory level is down slightly to just under an 11 month supply compared to just over that a month ago.
The Silver Lining: La Jolla’s supply / demand ratio is relatively consistent since we started reporting it (May 18, 2009) 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: 9/15/2009
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 81 closed sales during the past month, raising the total number of closings year-to-date from 335 a month ago to 416. (Through September 15, 2009) The number of homes in escrow decreased from 159 a month ago to 98. Subtracting the number of closed sales the previous month, there were 28 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased from 274 to 249. The inventory level is down slightly to a 5-month supply compared to just under a 6-month supply a month ago.
The Silver Lining: Carmel Valley’s supply / demand ratio has improved over the past month. This is good 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 should provide both sellers and buyers a level of comfort in making their selling and buying decisions.