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.
Written by Michael Taylor and Andrea Dougherty, Prudential California Realty
858-759-5950 • www.doughertytaylor.com
RANCHO SANTA FE Update 2/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales thus far in 2010 rose from 5 to 21, an increase of 16 closed sales. The number of homes in escrow as of February 15, 2010 increased to 24 from 21 the month before. When factoring in the 16 properties which closed escrow since January 15, 2010, there were 19 new net escrows opened since January 15, 2010.
INVENTORY LEVELS: The number of homes listed for sale has decreased over the past month to 254 compared to 273 on January 15, 2010. The current listing inventory has slid to just over a 20-month supply, while still the highest level of inventory when compared to other San Diego County luxury home communities, it continues its downward trend and is the lowest level since we started reporting in June of 2009.
THE SILVER LINING: With the number of listings decreasing and the number of sales seemingly on the increase, we are moving 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
DEL MAR Update 2/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 3 to 12, an increase of 9 closed sales. The number of homes in escrow as of February 15, 2010 increased from 19 the month before to 20. When factoring in the 9 properties which closed escrow since January 15, 2010 there were 10 net new escrows opened in the past month.
INVENTORY LEVELS: The number of homes listed for sale increased slightly to 135 from 133 a month ago. The current listing inventory equates to a 9-month supply, down from a 16-month supply when we first began reporting in June of 2009.
THE SILVER LINING: With 12 closed sales through February 15, 2010 compared to 3 closed sales a month ago, 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 2/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 6 to 21, an increase of 15 closed sales. The number of homes in escrow as of February 15, 2010 decreased however, from 19 a month ago to 15. When factoring in the 15 properties which closed escrow this past month, 11 net new escrows opened since January 15, 2010.
INVENTORY LEVELS: The number of homes listed for sale reversed its trend and rose to 97 from 84 on January 15, 2010. The current listing inventory compared to last year’s number of sales equates to just over a 7-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 2/15/2010
SALES ACTIVITY: Sales activity in Encinitas remains active. There were 31 closed sales during the past month, raising the total number of closings year-to-date from 21 to 52 through February 15, 2010. The number of homes in escrow increased by 12; increasing from 75 to 87. Subtracting the number of closed sales the previous month, there were 43 net new escrows opened.
INVENTORY LEVELS: During the last month, the total number of homes listed for sale increased slightly, from 193 to 218. The inventory level has risen slightly to just over a 5-month supply.
THE SILVER LINING: Encinitas’s supply/demand ratio remains healthy. This is good news for both 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 2/15/2010
SALES ACTIVITY: Over the past month, the total number of closed sales in 2010 rose from 4 to 15, an increase of 11 closed sales. The number of homes in escrow as of February 15, 2010 increased from 18 to 24. When factoring in the 11 properties which closed escrow since January 15, 2010 there were 17 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 184 last month to 181. The current listing inventory equates to right at a 12-month supply. While down slightly 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 2/15/2010
SALES ACTIVITY: Sales activity in La Jolla remains consistently active. There were 34 closed sales during the past month, raising the total number of closings year-to-date from 8 a month ago to 42. The number of homes in escrow increased to 68 from 56 a month ago. Subtracting the number of closed sales the previous month, there were 46 net new escrows opened.
INVENTORY LEVELS: The total number of homes listed for sale increased slightly to 325 from 320. The current inventory level is just over a 6-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 homes within a reasonable marketing period.
CARMEL VALLEY Update 2/15/2010
SALES ACTIVITY: Sales activity in Carmel Valley remains consistently active. There were 38 closed sales during the past month, raising the total number of closings year-to-date from 16 to 54. The number of homes in escrow increased from 69 a month ago to 88. Subtracting the number of closed sales the previous month, there were 57 net new escrows opened.
INVENTORY LEVELS: During the last month, the total number of homes listed for sale increased from 157 to 181. The inventory level has inched up to just over a 4-month supply across all price points and is at roughly a 2.5-month supply of homes priced below $1.5 million. Multiple offers are starting to occur again because of the lack of inventory below that $1.5 million threshold.
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.