Feb 2012 Issue 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.
WEB Exclusives!!!!
CARLSBAD, RANCHO BERNARDO/SANTALUZ/THE CROSBY, POWAY Luxury Real Estate!
Plus Rancho Santa Fe, Del Mar, Encinitas, Solana Beach, La Jolla, Carmel Valley, and Coronado Luxury Real Estate Updates!
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
Web Exclusive: Poway Luxury Real Estate Update: 1/15/2012
Sales Activity: Sales activity in Poway remains active. There were 520 closed sales in 2011 compared to 455 in 2010. The number of homes in escrow decreased by 8; from 116 to 108.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, to 119 from 135 a month ago. The inventory level has dropped to a 3-month supply across all price points with a 2 month supply on homes under 1 million dollars.
The Silver Lining: Poway’s supply/demand ratio remains healthy. This is good news for both 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.
Poway Chart–Click Here Poway Graph–Click Here
Web Exclusive: Rancho Bernardo, Santaluz, 4S Ranch Luxury Real Estate Update: 1/15/2012
Sales Activity: Sales activity in Rancho Bernardo has taken a slight decrease over the past couple of years. There were 1390 closed sales in 2011 compared to 1523 in 2010. The number of homes in escrow increased by 30; to 351 compared to 321 the month earlier. Of those 159 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 425 from 454 a month ago. The inventory level has dropped to a 4-month supply across all price points.
Rancho Bernardo Chart–Click Here Rancho Bernardo Graph–Click Here
Web Exclusive: Carlsbad Luxury Real Estate Update: 1/15/2012
Sales Activity: The total number of closed sales in 2011 was 1507 compared to 1521 in 2010. The number of homes in escrow as of January 15, 2012 increased to 287 compared to 279 a month ago.
Inventory levels: The number of homes listed for sale decreased to 530 from 571 a month ago. The current listing inventory compared to last year’s number of sales remains right at a 4-month supply.
The Silver Lining: The Carlsbad 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.
Carlsbad Chart–Click Here Carlsbad Graph–Click Here
Rancho Santa Fe Luxury Real Estate Update: 1/15/2012
Sales Activity: The total number of closed sales in 2011 was 214. This compares to 215 last year in 2010. The number of homes that have closed escrow from January 1st through January 15th was 4. There are currently 38 homes in escrow in Rancho Santa Fe. When factoring in the 11 properties which closed escrow since December 15, 2011, there were 12 new and contingent escrows reported as of January 15, 2012. Of those 38 escrows 16 are contingent sales, the majority of which are “short sales.”
Inventory levels: The number of homes listed for sale has remained the same from the previous month, at 215. The current listing inventory has dropped to a one-year supply across all price points but remains over a 2.5-year supply over 3 million and nearly a 5-year supply over 5 million. While there is still a high level of inventory over 3 million, the inventory levels under 3 million are at a stable 6-month supply. Good news for those selling their home with an asking price below 3 million.
The Silver Lining: With the number of sales stabilized, and the number of listings decreasing, 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.
Rancho Santa Fe Chart–Click Here Rancho Santa Fe Graph– Click Here
Del Mar Luxury Real Estate Update: 1/15/2012
Sales Activity: The total number of closed sales in 2011 was 209. This compares to 137 in 2010 and is the highest number of sales since 2004. There were 6 closed sales from January 1st through January 15th. The number of homes in escrow as of January 15, 2012 was 29 compared to 34 a month ago. When factoring in the 7 properties which closed escrow since December 15, 2011 there were 5 net new escrows reported this month.
Inventory levels: The number of homes listed for sale has dropped from 138 a month ago to 128 on January 15th. The current listing inventory is approximately a 6-month supply across all price points with a 2.5-year supply of inventory for those homes priced above 2.5 million.
The Silver Lining: With 209 closed sales in 2011 demand continues to rise at an accelerated pace. 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.
Del Mar Chart–Click Here
Encinitas Luxury Real Estate Update: 1/15/2012
Sales Activity: Sales activity in Encinitas remains active. There were 560 closed sales in 2011 compared to 551 in 2010. The number of homes in escrow increased by 10, from 99 on December 15th to 109 on January 15th.
Inventory levels: During the last month the total number of homes listed for sale dropped slightly to 204 compared to 217 a month ago. The inventory levels fell to a 4-month supply.
The Silver Lining: The Encinitas 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.
Encinitas Chart–Click Here Encinitas Graph–Click Here
La Jolla Luxury Real Estate Update: 1/15/2012
Sales Activity: Sales activity in La Jolla remains consistently active. There were 547 closed sales in 2011, 14 more sales than reported in the MLS in 2010. From January 1st through January 15th there were 12 closed sales. The number of homes in escrow has decreased to 91 from 108 as of December 15, 2011.
Inventory levels: The total number of homes listed for sale decreased to 309 from 323 a month ago. The inventory level has dropped to a 7-month supply across all price points and nearly a 3-year supply for homes priced above 3 million.
The Silver Lining: La Jolla’s supply/demand ratio has continued to improve since we started reporting and continues to stabilize under the 3 million dollar price threshold. This remains good news for both 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.
La Jolla Chart–Click Here La Jolla Graph–Click Here
Carmel Valley Luxury Real Estate Update: 1/15/2012
Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 651 closed sales in 2011 compared to 671 in 2010. The number of homes in escrow dropped to 107 from 109 a month ago. Subtracting the number of closed sales the previous month there were 40 net new escrows reported as of January 15, 2012.
Inventory levels: During the last month the total number of homes listed for sale decreased from 189 on December 15th to 167 on January 15th. The inventory level dropped slightly to a 3-month supply across all price points. Multiple offers are still occurring on certain homes as a result of the low inventory levels.
The Silver Lining: Carmel Valley’s supply/demand ratio continues to show a stabilized 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 home sales and the number of homes available to buy continues to provide both sellers and buyers a level of comfort in making their selling and buying decisions.
Carmel Valley Chart–Click Here Carmel Valley Graph–Click Here
Solana Beach Luxury Real Estate Update: 1/15/2012
Sales Activity: The total number of closed sales in 2011 was 154 compared to 165 in 2010. The number of homes in escrow as of January 15, 2012 increased to 33 compared to 31 a month ago.
Inventory levels: The number of homes listed for sale decreased to 77 from 93 a month ago. The current listing inventory compared to last year’s number of sales remains right at 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.
Solana Beach Chart–Click Here Solana Beach Graph–Click Here
Coronado Luxury Real Estate Update: 1/15/2012
Sales Activity: In 2011 Coronado had 245 closed sales compared to 219 in 2010. The number of homes in escrow as of January 15, 2012 decreased to 37 compared to 43 a month ago.
Inventory levels: The number of homes listed for sale has decreased in this last month, to 156 from 172. The current listing inventory has dropped to just under a 9-month supply. Coronado sales levels last year outpaced 2010 (219) and 2008 (170), a good indication that the market is moving toward stabilization.
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.
Coronado Chart–Click Here Coronado Graph–Click Here
