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.
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: 1/15/2010
Sales Activity: The total number of closed sales in 2009 fell to 148 compared to 166 in 2008, a decline of almost 11%. The number of homes in escrow as of January 15, 2010 is 21 and the number of closed sales through January 15, 2010 is 5.
Inventory levels: The number of homes listed for sale has decreased over the past month to 277 compared to 299 on December 15, 2009. The current listing inventory remains at just under a 24-month supply, while still the highest level of inventory when compared to other San Diego County luxury home communities, it is the lowest level since we started reporting in June of 2009.
The Silver Lining: With the number of listings decreasing, we are slowly moving toward a more stabilized marketplace. A real positive sign is that 4 of the 5 closings thus far this year were at prices above 3 million dollars. In 2009 only 33 out of 148 sales were above that price point. 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
Del Mar: 1/15/2010
Sales Activity: The total number of closed sales in 2009 rose from 136 in 2008 to 176 in 2009, an increase of just over 29%. The number of homes in escrow as of January 15, 2010 stands at 19. There have been 3 closed escrows so far this year through January 15, 2010. When factoring in the 12 properties which closed escrow since December 15, 2009 there were 14 net new escrows opened within the past month.
Inventory levels: The number of homes listed for sale has decreased to 133 from 145 a month ago. The current listing inventory equates to just over a 9-month supply, down from a 16-month supply when we first began reporting in June of 2009.
The Silver Lining: With 176 closed sales closed in 2009 compared to 136 closed sales in 2008, demand has taken a nice upturn. Hopefully that trend will continue into 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: 1/15/2010
Sales Activity: The total number of closed sales in 2009 rose from 136 in 2008 to 154, an increase of just over 13%. There have been 6 closed sales thus far in 2010. The number of homes in escrow as of January 15, 2010 is 19. When factoring in the 16 properties which closed escrow this past month, 7 net new escrows opened since December 15, 2009.
Inventory levels: The number of homes listed for sale increased slightly from 79 a month ago to 84 as of January 15, 2010. The current listing inventory compared to last year’s number of sales equates to just over 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.
Encinitas Update: 1/15/2010
Sales Activity: Sales activity in Encinitas remains active. There were 493 closed sales in 2009 compared to 446 in 2008. A nice increase of approximately 10.5%. There were 21 closed escrows thus far this year and there are 75 open escrows through January 15. Subtracting the number of closed sales in the 30 day period, there were 26 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, decreasing from 199 to 193. The inventory level has dipped slightly to just under a 5-month supply.
The Silver Lining: Encinitas’s supply / demand ratio has dipped slightly over the past month. 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: 1/15/2010
Sales Activity: The total number of closed sales in 2009 rose from 170 in 2008 to 188 in 2009, an increase of 10.6%. The number of homes in escrow as of January 15, 2010 is 18. There have been 4 closed sales the first two weeks of this year. When factoring in the 17 properties which closed escrow since December 15, 2009 there were 18 net new escrows opened this past month.
Inventory levels: The number of homes listed for sale has continued to decrease over the past four months, dipping from 212 on December 15, 2009 to184 on January 15, 2010. The current listing inventory equates to right at a 12-month supply, while down from the previous month, Coronado continues to have 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. This remains a great time to buy Luxury Real Estate.
La Jolla Update: 1/15/2010
Sales Activity: Sales activity in La Jolla remains consistently active. There were 533 closed sales in 2009 compared to 513 in 2008, an increase of almost 4%. The number of homes in escrow as of January 15, 2010 is 56 and through January 15, 2010 there have been 8 closings. The inventory levels have decreased to 320 homes from 361 on December 15, 2009.
Inventory levels: For the third straight month, the total number of homes listed for sale decreased from 361 to 320. The inventory level is down again to slightly over a 7 month supply, 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 inch its way downward. 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: 1/15/2010
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 643 closed sales in 2009 compared to 582 in 2008, an increase of almost 10.5%. The number of homes in escrow as of January 15, 2010 is 69. Subtracting the number of closed sales the previous month, there were 26 net new escrows opened within the past month.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly from 162 to 157. The inventory level has decreased to just under at a 3-month supply across all price points and is at roughly a 2.5 month supply of homes priced below 2.5 million dollars. Multiple offers are starting to occur again because of the lack of inventory below that 2.5 million dollar threshold
The Silver Lining: Carmel Valley’s supply / demand ratio continues to improve. 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 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.