State of San Diego Real Estate

The State of San Diego Luxury Real Estate – September 2009

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.

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:  8/15/2009

 Sales Activity:  Over the past month, the total number of closed sales in 2009 rose from 67 to 81, an increase of 14 closed sales.  The number of homes in escrow as of August 15, 2009 increased to 35 from 25 the month before. When factoring in the 14 properties which closed escrow since June 15, 2009 there were 24 escrows opened since July 15, 2009.

Inventory levels:  The number of homes listed for sale has decreased slightly over the past month to 365 compared to 370  The current listing inventory remains at almost a 27-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 closings between July 15 and August 15 increasing by 75% from the number between June 15 and July 15, and the number of open escrows increasing by 40% since July 15 it appears that demand is increasing;  the first signs of a market headed for stabilization. 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.

 Del Mar:  8/15/2009

 Sales Activity:  Over the past month, the total number of closed sales in 2009 rose from 71 to 90, an increase of 19 closed sales.  The number of homes in escrow as of August 15, 2009 remained virtually the same, 29 compared to 28 the month before. When factoring in the 19 properties which closed escrow since July 15, 2009 there were 20 escrows opened since July 15, 2009.

Inventory levels:  The number of homes listed for sale has risen slightly over the past month to 201 compared to 199 a month ago.  The current listing inventory equates to almost an 18-month supply, the third highest level of inventory when compared to other San Diego County luxury home communities.

The Silver Lining:  With 20 net new escrows opened between July 15 and August 15 an increase of 500%  ( 20 vrs. 4), 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:  8/15/2009

Sales Activity:  Over the past month, the total number of closed sales in 2009 rose from 71 to 82, an increase of 9 closed sales.  The number of homes in escrow as of August 15, 2009 increased slightly to 26 from 24 the month before. When factoring in the 9 properties which closed escrow since July 15, 2009 there were 11 escrows opened since July 15, 2009.

Inventory levels:  The number of homes listed for sale remained virtually the same dipping  from 141 to 140.  The current listing inventory equates to just over a 12-month supply.

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:  8/15/2009

 Sales Activity:  Sales activity in Encinitas remains active.  There were 68 closed sales during the past month, raising the total number of closings year-to-date from 225 a month ago to 293 as of August 15, 2009.  The number of homes in escrow decreased by 26 homes; decreasing to 105 from 131.  Subtracting the number of closed sales the previous month, there were 42 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 just over a 6-month supply, 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:  8/15/2009

Sales Activity:  Over the past month, the total number of closed sales in 2009 rose from 82 to 96, an increase of 14 closed sales.  The number of homes in escrow as of August 15, 2009 increased to 38 from 29 the month before. When factoring in the 14 properties which closed escrow since July 15, 2009 there were 23 escrows opened since July 15, 2009.

Inventory levels:  The number of homes listed for sale has decreased over the past month, dipping  from 295 to 283.  The current listing inventory equates to almost a 21-month supply,   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:  8/15/2009

 Sales Activity:  Sales activity in La Jolla remains consistently active.  There were 52 closed sales during the past month, raising the total number of closings year-to-date from 232 a month ago to 284.  The number of homes in escrow increased to 122 from 109.  Subtracting the number of closed sales the previous month, there were 65 net new escrows opened.

 Inventory levels:  During the last month, the total number of homes listed for sale decreased by about 4%, decreasing from 509 to 489.   The inventory level is down slightly to an 11 month supply compared to an 12 month supply a month ago.

 The Silver Lining:  La Jolla’s supply / demand ratio is relatively consistent since we started reporting it (May 18, 2009) This is 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 Update:  8/15/2009

 Sales Activity:  Sales activity in Carmel Valley remains consistently active.  There were 71 closed sales during the past month, raising the total number of closings year-to-date from 264 a month ago to 335.  (Through August 15, 2009) The number of homes in escrow rose slightly, increasing to 159 from 153.  Subtracting the number of closed sales the previous month, there were 77 net new escrows opened.

Inventory levels:  During the last month, the total number of homes listed for sale decreased by about 5%, decreasing from 289 to 274.   The inventory level is down slightly to just under a 6- month supply compared to just over that of a month ago.

The Silver Lining:  Carmel Valley’s supply / demand ratio has remained relatively consistent 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.

 

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