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: 8/15/2010
Sales Activity: Sales activity in Carlsbad remains robust. There were 107 closed sales during the past month, raising the total number of closings year-to-date from 557 to 664 through August 15, 2010. The number of homes in escrow decreased by 3 ; decreasing from 216 to 213.
Inventory levels: During the last month, the total number of homes listed for sale increased from 491 to 510. 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 of Luxury Real Estate. 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.
Poway Luxury Real Estate Update: 8/15/2010
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 242 to 276 through August 15, 2010. The number of homes in escrow increased by 8 ; from 106 to 114.
Inventory levels: During the last month, the total number of homes listed for sale increased right at 10%, increasing from 250 to 274. 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 Luxury Real Estate Update: 8/15/2010
Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 853 to 988, an increase of 135 closed sales. The number of homes in escrow as of August 15, 2010 dropped by 6 homes, dropping to 354 compared to 360 a month ago.
Inventory levels: The number of homes listed for sale rose slightly, increasing by 11, to 555 from 544 a month ago. The current listing inventory compared to last year’s number of sales equates to just over a 4 and a half 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.
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 Luxury Real Estate Update: 8/15/2010
Sales Activity: Over the past month, the total number of closed sales thus far in 2010 rose from 119 to 142, an increase of 23 closed sales. The number of homes in escrow as of August 15, 2010 decreased from 40 the month before to 35. When factoring in the 23 properties which closed escrow since July 15, 2010, there was an increase of 18 new and contingent escrows reported as of August 15, 2010.
Inventory levels: The number of homes listed for sale has risen from the previous month, 337 compared to 328 on July 15th. The current listing inventory still remains just over 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 Luxury Real Estate Update: 8/15/2010
Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 75 to 90, an increase of 15 closed sales. The number of homes in escrow as of August 15, 2010 remained at the same level of 37. When factoring in the 15 properties which closed escrow since June 15, 2010 there were 15 net new escrows reported this month.
Inventory levels: The number of homes listed for sale remained virtually the same, 188 a month ago to 184 on August 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 90 closed sales through August 15, 2010, demand continues at an acceptable pace. Indications are that 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.
Encinitas Luxury Real Estate Update: 8/15/2010
Sales Activity: Sales activity in Encinitas remains active. There were 46 closed sales during the past month, raising the total number of closings year-to-date from 295 to 341 through August 15, 2010. The number of homes in escrow increased by 4 ; from 115 to 119.
Inventory levels: During the last month, the total number of homes listed for sale decreased approximately 10%, from 300 to 276. The inventory level remains just under a 6-month supply.
The Silver Lining: Encinitas’s supply/demand ratio remains healthy. This is good news for both the buyers and sellers of luxury real estate. 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: 8/15/2010
Sales Activity: Sales activity in La Jolla remains consistently active. There were 41 closed sales during the past month, raising the total number of closings year-to-date from 291 a month ago to 332. The number of homes in escrow decreased from 107 a month ago to 103 on August 15th. Subtracting the number of closed sales the previous month, there were 37 new net escrows reported open.
Inventory levels: The total number of homes listed for sale increased approximately 4%, to 491 from 478 a month ago. The inventory level is slightly above a 10-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 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: 8/15/2010
Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 100 to 114, an increase of 14 closed sales. The number of homes in escrow as of August 15, 2010 decreased slightly, decreasing to 30 compared to 33 a month ago.
Inventory levels: The number of homes listed for sale has remained constant with the levels of a month ago, increasing to 115 from 112. The current listing inventory compared to last year’s number of sales equates to just over an 8-month supply, the same as reported a month ago.
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: 8/15/2010
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 60 closed sales during the past month, raising the total number of closings year-to-date from 356 to 416. The number of homes in escrow increased from 131 a month ago to 143. Subtracting the number of closed sales the previous month, there were 72 net new escrows reported as of August 15, 2010.
Inventory levels: During the last month, the total number of homes listed for sale increased to 281 from 266 on July 15th. The inventory level increased slightly, to just over a 4 and a half month supply across all price points. Multiple offers are still occurring on certain homes because 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: 8/15/2010
Sales Activity: Over the past month, the total number of closed sales in 2010 rose from 111 to 134, an increase of 23 closed sales. The number of homes in escrow as of August 15, 2010 remained almost the same, 43 compared to 39 a month ago. When factoring in the 23 properties which closed escrow since July 15, 2010 there were 27 net new escrows reported opened this past month.
Inventory levels: The number of homes listed for sale is also virtually the same as last month, increasing to 244 from 239. The current listing inventory equates to just over a 15-month supply. Coronado is on pace to have roughly the same number of total 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.