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: 7/15/2011
Sales Activity: Sales activity in Carlsbad Real Estate heated up slightly. There were 95 closed sales during the past month, raising the total number of closings year-to-date from 421 to 516 through July 15, 2011. The number of homes in escrow decreased by 9; from 251 to 242. Of those, 92 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, to 471 compared to 497 a month ago. The inventory level remains right at a 6-month supply.
The Silver Lining: Carlsbad’s Real Estate supply/demand ratio remains healthy. This is good news for both the buyers and sellers. 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: 7/15/2011
Sales Activity: Sales activity in Poway Real Estate remains active. There were 43 closed sales during the past month, raising the total number of closings year-to-date from 229 to 272 through July 15, 2011. The number of homes in escrow increased by 9; to 126 from 117 a month ago. Of those 126 escrows, 37 are contingent sales with the majority being “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale decreased to 218 compared to 230 a month ago. The inventory level remains between a 5-and-6-month supply.
The Silver Lining: Poway’s Real Estate 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: 7/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 608 to 736, an increase of 128 closed sales. The number of homes in escrow as of July 15, 2011 decreased by 9 homes, to 323 compared to 332 a month ago. 135 of those open escrows are contingent sales, with the majority of those sales being “Short Sales”.
Inventory levels: The number of homes listed for sale increased by 18 homes, to 592 from 574 a month ago. The current listing inventory compared to last year’s number of sales equates to right at a 4-month supply.
The Silver Lining: The Rancho Bernardo Real Estate 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: 7/15/2010
Sales Activity: Over the past month, the total number of closed sales thus far in 2011 rose from 112 to 133, an increase of 21 closed sales. The number of homes in escrow as of July 15, 2011 dropped to 36 compared to 45 a month ago. Of those, 13 are contingent sales with the majority being “Short Sales”. When factoring in the 21 properties which closed escrow since June 15, 2011, there were 12 new and contingent escrows reported as of July 15, 2011.
Inventory levels: The number of homes in Rancho Santa Fe listed for sale increased from the previous month, up to 294 compared to 276 a month ago. The current listing inventory has risen slightly to just over a 16-month supply. While still the highest level of inventory when compared to other San Diego County luxury home communities, the pace of sales is consistent with last year.
The Silver Lining: With the number of sales increasing in Rancho Santa Fe, 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 in Rancho Santa Fe.
Del Mar Luxury Real Estate Update: 7/15/2011
Sales Activity: Over the past month in Del Mar, the total number of closed sales in 2011 rose from 95 to 117, an increase of 22 new closed sales. The number of homes in escrow in Del Mar as of July 15, 2011 dipped from 39 to 30. Of those, 6 are contingent sales, with the majority being “Short Sales”. When factoring in the 22 properties which closed escrow since June 15, 2011, there were 13 net new escrows reported this month.
Inventory levels: The number of homes listed for sale in Del Mar dipped slightly to 173 homes compared to 178 a month ago. The current listing inventory remains right at a 14-month supply, down from a 16-month supply when we first began reporting in June of 2009.
The Silver Lining: With 117 YTD closed sales through July 15, 2011, demand continues at an acceptable pace in Del Mar. 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: 7/15/2011
Sales Activity: Real Estate sales activity in Encinitas remains active. There were 60 closed sales during the past month, raising the total number of closings year-to-date from 233 to 293 through July 15, 2011. The number of homes in escrow decreased by 6; to 110 from 116 a month ago. Of those open escrows, 29 are contingent sales, with the majority being “Short Sales”.
Inventory levels: During the last month in Encinitas, the total number of homes listed for sale increased to 278 compared to 265 a month ago. The inventory level remains right at a 5-month supply.
The Silver Lining: The Encinitas Real Estate supply/demand ratio remains healthy. This is good news for both the buyers and sellers. Encinitas Real Estate 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: 7/15/2011
Sales Activity: Real Estate sales activity in La Jolla remains consistently active. There were 51 closed sales during the past month, raising the total number of closings year-to-date from 237 a month ago to 288. The number of homes in escrow decreased slightly to 105 compared to 108 on June 15, 2011. Of those, 33 are contingent sales with the majority being “Short Sales”. Subtracting the number of closed sales the previous month, there were 48 net new escrows reported open.
Inventory levels: The total number of homes listed for sale in La Jolla decreased to 457 from 475 a month ago. The inventory level equates to just over a 10-month supply, slightly above the lowest level since we first reported in June 2009.
The Silver Lining: La Jolla’s Real Estate supply/demand ratio has continued to remain relatively stable. This remains good news for both the buyers and sellers. Additionally two homes are in escrow that have asking prices above 10 million. 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: 7/15/2011
Sales Activity: Over the past month in Solana Beach, the total number of closed sales in 2011 rose from 64 to 84, an increase of 20 closed sales. The number of Solana Beach homes in escrow as of July 15, 2011 decreased to 31 from 35 a month ago. Of the 31 open escrows, 12 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: The number of homes listed for sale in Solana Beach increased to 129 compared to 127 a month ago. The current listing inventory compared to last year’s number of sales equates to a 6-month supply.
The Silver Lining: The Solana Beach Real Estate 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: 7/15/2011
Sales Activity: Real Estate sales activity in Carmel Valley remains consistently active. There were 57 closed sales during the past month, raising the total number of closings year-to-date from 293 to 350. The number of homes in escrow remained exactly the same at 126. Of those, 52 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: During the last month in Carmel Valley, the total number of homes listed for sale rose to 297 from 290 a month ago. The inventory level remains just over a 4 -month supply across all price points. This indicates a fairly stabilized market.
The Silver Lining: Carmel Valley’s Real Estate 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: 7/15/2011
Sales Activity: Over the past month in Coronado, the total number of real estate closed sales in 2011 rose from 100 to 120, an increase of 20 closed sales. The number of homes in escrow as of July 15, 2011 increased to 38 compared to 34 a month ago. Of those, only 6 are contingent “Short Sales”. When factoring in the 20 properties which closed escrow since June 15, 2011, there were 24 net new escrows reported opened this past month.
Inventory levels: The number of homes listed for sale in Coronado rose slightly to 257 compared to 249 a month ago. The current listing inventory is just over 12-month supply, indicating a continuing move toward a stabilized market.
The Silver Lining: There continues to be a wide variety of homes in Coronado 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.