State of San Diego Real Estate

The State of San Diego Luxury Real Estate – April 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.
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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 and Andrea Dougherty, Prudential California Realty
858-759-5950 • www.doughertytaylor.com

RANCHO SANTA FE Update 3/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales thus far in 2010 rose from 21 to 35, an increase of 14 closed sales. The number of homes in escrow as of March 15, 2010 increased to 40 from 24 the month before. Part of that increase was the inclusion of contingent sales we are now reporting. When factoring in the 14 properties which closed escrow since February 15, 2010, there was an increase of 30 new and contingent escrows reported as of March 15, 2010.

INVENTORY LEVELS: The number of homes listed for sale has increased over the past month to 284 compared to 254 on February 15, 2010. The current listing inventory has risen to just over a 23-month supply. While still the highest level of inventory when compared to other San Diego County luxury home communities, the pace of sales seems to be increasing.

THE SILVER LINING: With the number of sales seemingly 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 more 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.

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

Community Comparison – click here

DEL MAR Update 3/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 12 to 22, an increase of 10 closed sales. The number of homes in escrow as of March 15, 2010 increased from 20 the month before to 32. A portion of this increase is the inclusion of contingent sales we are now reporting. When factoring in the 10 properties which closed escrow since February 15, 2010 there were 22 net new escrows and contingent sales reported this month.

INVENTORY LEVELS: The number of homes listed for sale increased for the second straight month to 149 from 135 a month ago. The current listing inventory equates to a 10-month supply, down from a 16 month supply when we first began reporting in June of 2009.

THE SILVER LINING: With 10 closed sales through March 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 3/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 21 to 29, an increase of 8 closed sales. The number of homes in escrow as of March 15, 2010 increased from 15 a month ago to 29. Part of this increase was the inclusion of contingent sales in our reporting.

INVENTORY LEVELS: The number of homes listed for sale has risen for the second straight month increasing to 108 from 97 a month ago. The current listing inventory compared to last year’s number of sales equates to just over an 8-month supply, up slightly from last month’s level.

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 3/15/2010
SALES ACTIVITY: Sales activity in Encinitas remains active. There were 44 closed sales during the past month, raising the total number of closings year to- date from 52 to 96 through March 15, 2010. The number of homes in escrow increased by 33; rising from 87 to 120. Part of this increase is the inclusion of contingent sales in our reporting.

INVENTORY LEVELS: During the last month, the total number of homes listed for sale increased slightly for the second straight month, increasing from 218 to 238. The inventory level has risen slightly to 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. 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 3/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 15 to 26, an increase of 11 closed sales. The number of homes in escrow as of March 15, 2010 increased from 24 to 43. Part of this increase was the inclusion of contingent sales in our reporting. When factoring in the 11 properties which closed escrow since February 15, 2010, there were 30 new and contingent escrows reported as open this past month.

INVENTORY LEVELS: The number of homes listed for sale decreased over the four months preceding February 15, 2010, but now has taken a slight up tick, increasing to 190 from 181 a month ago. The current listing inventory equates to right at a 12-month supply, while up slightly from the previous month, Coronado continues to have roughly the same number of annual sales 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 3/15/2010
SALES ACTIVITY: Sales activity in La Jolla remains consistently active. There were 40 closed sales during the past month, raising the total number of closings year-to-date from 42 a month ago to 82. The number of homes in escrow increased to 115 from 68 a month ago. Part of this increase was the inclusion of contingent sales we are now reporting. Subtracting the number of closed sales the previous month, and adding the number of contingent sales included in our reporting, there was an increase of 87 net new escrows reported open.

INVENTORY LEVELS: The total number of homes listed for sale increased to 357 from 325. The inventory level has risen ever so slightly to an 8-month supply, near the lowest since we first reported the levels 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 an 8-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 3/15/2010
SALES ACTIVITY: Sales activity in Carmel Valley remains consistently active. There were 52 closed sales during the past month, raising the total number of closings year-to-date from 54 to 106. The number of homes in escrow increased from 88 a month ago to 141. Part of the increase was the inclusion of contingent sales we are now reporting. Subtracting the number of closed sales the previous month, and including the contingent sales in our reporting, there were 105 net new escrows reported as of March 15, 2010.

INVENTORY LEVELS: During the last month, the total number of homes listed for sale increased from 181 to 203. This inventory increase is consistent with the seasonal increase we typically start seeing this time of year. The inventory level remains at just under a 4-month supply across all price points. Multiple offers are occurring on certain properties because of the lack of inventory.

THE SILVER LINING: Carmel Valley’s supply/demand ratio continues to show a stabilizing market. This is great news for both 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, continues to provide both sellers and buyers a level of comfort in making their selling and buying decisions.
Data represents the activity of various brokers. Data does not represent the sale activity of non-listed proper ties. The data might not be completely accurate. Source: SD MLS/Sandicor, Inc. Andrea Dougherty & Michael Taylor do not represent, nor warrant the accuracy of this data. If you have any questions regarding the above information or any real estate matters, please do not hesitate to call. Information subject to change. *Based on 2009 absorption rates.

 

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