State of San Diego Real Estate

The State of San Diego Real Estate–January 2012

Jan 2012  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.

 

Community Comparison Chart

 

Written by Michael Taylor, Prudential California Realty • 858-756-5120• www.themichaeltaylorgroup.com

Web Exclusive: Poway Luxury Real Estate Update:  12/15/2011

Sales Activity:  Sales activity in Poway remains active.  There were 79 closed sales during the past 2 months, raising the total number of closings year-to-date from 417 to 496 through December 15, 2011. The number of homes in escrow increased by 8; to 116 from 108 two months ago.    Of those 116 escrows, 36 are contingent sales with the majority being “Short Sales”

Inventory levels:  During the last two months, the total number of homes listed for sale decreased to 135 compared to 170 a month ago.  The inventory level remains right at a 4-month supply.

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, The Crosby Luxury Real Estate Update:  12/15/2011

Sales Activity:  Over the past two months, the total number of closed sales in 2011 rose from 1088 to 1310, an increase of 222 closed sales.  The number of homes in escrow as of December 15, 2011 decreased by 16 homes, to 321 compared to 337 two months ago.  158 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 has decreased from 548 two months ago down to 454 as of December 15, 2011. The current listing inventory compared to last year’s number of sales equates to a 4-month supply.

The Silver Lining:  The Rancho Bernardo 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.

Rancho Bernardo Chart–Click Here     Rancho Bernardo Graph–Click Here

Web Exclusive: Carlsbad Luxury Real Estate Update:  12/15/2011

Sales Activity:  Sales activity in Carlsbad has cooled slightly.  There were 229 closed sales during the past two months, raising the total number of closings year-to-date from 1211 to 1440 through December 15, 2011. The number of homes in escrow is slightly less at 279. Of those, 113 are contingent sales, the majority of which are “Short Sales.”

Inventory levels:  During the last two months, the total number of homes listed for sale decreased to 571 compared to 675 two months ago.  The inventory has decreased to a 4-month supply primarily because of the lower inventory levels.

The Silver Lining:  Carlsbad’s supply/demand ratio remains healthy.  This is good news for both 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.

Carlsbad Chart–click here     Carlsbad Graph–click here

Rancho Santa Fe Luxury Real Estate Update:  12/15/2011

Sales Activity:  Over the past 2 months, the total number of closed sales thus far in 2011 rose from 176 to 203. This compares to 203 (the exact number of closed sales) through the same period in 2010.  The number of homes in escrow as of December 15, 2011 remained at 37, the same number on October 15th.  Of those, 14 are contingent sales with the vast majority being “Short Sales”.  When factoring in the 27 properties which closed escrow since October 15, 2011, there were 27 new and contingent escrows reported since last issue.

Inventory levels:  The number of homes listed for sale decreased from October 15, 2011, down to 243 compared to 280 two months ago.  The current listing inventory dipped slightly to a 14-month supply because inventory levels decreased.  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 remaining consistent with last year, and the inventory levels 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:  12/15/2011

Sales Activity:  Over the past two months, the total number of closed sales in 2011 rose from 173 to 202, an increase of 29 new closed sales. This is the highest number of MLS reported sales since 2004.   The number of homes in escrow as of December 15th, increased to 34 from 25 on October 15, 2011.  Of those, only 6 are contingent sales, with the majority being “Short Sales”.   When factoring in the 29 properties which closed escrow since mid October, there were  38 net new escrows reported opened since last issue.

Inventory levels:  The number of homes listed for sale dropped to 136 from 158.  The current listing inventory dropped down to a 12-month supply, down from a 16-month supply when we first began reporting in June of 2009.

The Silver Lining:  With 202 YTD closed sales through December 15, 2011, demand continues at an acceptable pace. There have already been more sales through December 15th than there were in 2010, 2009, 2008, 2007 and 2006.  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     Del Mar Graph–Click Here

Encinitas Luxury Real Estate Update:  12/15/2011

Sales Activity:  Sales activity in Encinitas remains active.  There were 102 closed sales during the past two months, raising the total number of closings year-to-date from 435 to 537 through December 15, 2011. The number of homes in escrow decreased by 19; to 99 from 118.  Of those open escrows, 33 are contingent sales, with the majority being “Short Sales”.

Inventory levels:  During the last two months, the total number of homes listed for sale decreased to 217 compared to 245 on October 15, 2011.   The inventory level remains right at a 5-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:  12/15/2011

Sales Activity:  Sales activity in La Jolla remains consistently active.  There were 90 closed sales during the past two months, raising the total number of closings year-to-date from 424 on Through October 15th to 514.  The number of homes in escrow decreased to 108 compared to 124 on October 15th.  Of those, 35 are contingent sales with the majority being “Short Sales”.

Inventory levels:  The total number of homes listed for sale decreased to 323 from 386 two months ago.   The inventory level equates to just over a 7-month supply, the lowest level since we first reported in June 2009.

The Silver Lining:  La Jolla’s supply/demand ratio has continued to remain relatively stable. 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:  12/15/2011

Sales Activity:  Sales activity in Carmel Valley remains consistently active.  There were 99 closed sales during the past two months, raising the total number of closings year-to-date from 510 to 609.  The number of homes in escrow decreased to 109 compared to 112 in mid October.  Of those, 38 are contingent sales, the vast majority of which are “Short Sales”.

Inventory levels:  During the last two months, the total number of homes listed for sale dropped to 189 from 245 in mid-October.   The inventory level has dropped all the way down to a 3-month supply across all price points.  This indicates a very stabilized market.

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 purchase, 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:  12/15/2011

Sales Activity:  Over the past two months, the total number of closed sales in 2011 rose from 119 to 150, an increase of 31 closed sales.  The number of homes in escrow as of December 15, 2011 remained virtually the same at 31 compared to 32 on October 15, 2011. Of the 31 open escrows, 9 are contingent sales, the majority of which are “Short Sales”.

Inventory levels:  The number of homes listed for sale decreased to 93 compared to 111 in mid-October.  The current listing inventory compared to last year’s number of sales has decreased to a 7-month supply, due to both an increase in the velocity of sales and a decrease in the inventory levels.

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:  12/15/2011

Sales Activity:  Over the past two months, the total number of closed sales in 2011 rose from 188 to 229.  The number of homes in escrow as of December 15, 2011 decreased slightly to 43 compared to 44 in mid-October. Of those, only 5 are contingent “Short Sales”.

Inventory levels:  The number of homes listed for sale decreased to 172 compared to 220 two months ago.  The current listing inventory is just at a 9 month supply, indicating a continuing move toward a stabilized market.

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

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