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
Solana Beach Luxury Real Estate Update: 10/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 106 to 119, an increase of 13 closed sales. The number of homes in escrow as of October 15, 2011 increased to 32 from 25 a month ago. Of the 36 open escrows, 11 are contingent sales, the majority of which are “Short Sales”.
Inventory levels: The number of homes listed for sale decreased to 110 compared to 125 a month ago. The current listing inventory compared to last year’s number of sales remains at a 9-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: 10/15/2011
Sales Activity: Over the past month the total number of closed sales in 2011 rose from 166 to 188, an increase of 22 closed sales. The number of homes in escrow as of October 15, 2011 decreased to 44 compared to 52 a month ago. Of those, only 9 are contingent “Short Sales”. When factoring in the 22 properties which closed escrow since September 15, 2011, there were 14 net new escrows reported opened this past month.
Inventory levels: The number of homes listed for sale increased to 220 compared to 219 a month ago. The current listing inventory is just at a 12-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
Carlsbad Luxury Real Estate Update: 10/15/2011
Sales Activity: Sales activity in Carlsbad has cooled slightly. There were 118 closed sales during the past month, raising the total number of closings year-to-date from 1093 to 1211 through October 15, 2011. The number of homes in escrow is slightly less at 291. Of those, 107 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 675. The inventory level remains between a 5-and-6-month supply.
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
Poway Luxury Real Estate Update: 10/15/2011
Sales Activity: Sales activity in Poway remains active. There were 39 closed sales during the past month, raising the total number of closings year-to-date from 378 to 417 through October 15, 2011. The number of homes in escrow decreased by 2; to 108 from 110 a month ago. Of those 108 escrows, 43 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 170 compared to 186 a month ago. The inventory level remains right at a 5-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.
Rancho Bernardo, Santaluz, The Crosby Luxury Real Estate Update: 10/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 977 to 1088, an increase of 1111 closed sales. The number of homes in escrow as of October 15, 2011 increased by 18 homes; to 337 compared to 319 a month ago. 162 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 580 a month ago to 548 as of October 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
Rancho Santa Fe Luxury Real Estate Update: 10/15/2011
Sales Activity: Over the past month, the total number of closed sales thus far in 2011 rose from 154 to 176. This compares to 172 sales through the same period in 2010. The number of homes in escrow as of October 15, 2011 decreased to 37 compared to 52 a month ago. Of those, 16 are contingent sales with the vast majority being “Short Sales”. When factoring in the 22 properties which closed escrow since September 15, 2011, there were just 7 new and contingent escrows reported since last month.
Inventory levels: The number of homes listed for sale decreased from the previous month, down to 280 compared to 285 a month ago. The current listing inventory remains at 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, 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: 10/15/2011
Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 154 to 173, an increase of 19 new closed sales. The number of homes in escrow as of October 15, 2011 dropped from 36 a month ago to 25. Of those, 4 are contingent sales with the majority being “Short Sales”. When factoring in the 19 properties which closed escrow since September 15, 2011, there were just 8 net new escrows reported this month.
Inventory levels: The number of homes listed for sale dropped to 158 from 160 a month ago. The current listing inventory dropped slightly to a 14-month supply, down from a 16-month supply when we first began reporting in June of 2009.
The Silver Lining: With 173 YTD closed sales through October 15, 2011, demand continues at an acceptable pace. There have already been more sales through October 15th than there were all of last year (2010). There continues to be a wide variety of homes that buyers can choose from and 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: 9/15/2011
Sales Activity: Sales activity in Encinitas remains active. There were 44 closed sales during the past month, raising the total number of closings year-to-date from 391 to 435 through October 15, 2011. The number of homes in escrow increased by 11; to 118 from 107 a month ago. Of those open escrows, 26 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 245 compared to 263 a month ago. The inventory level remains right at a 6-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: 10/15/2011
Sales Activity: Sales activity in La Jolla remains consistently active. There were 45 closed sales during the past month, raising the total number of closings year-to-date from 379 a month ago to 424. The number of homes in escrow increased to 124 compared to 119 on September 15, 2011. Of those, 35 are contingent sales with the majority being “Short Sales”. Subtracting the number of closed sales the previous month, there were 50 net new escrows reported open.
Inventory levels: The total number of homes listed for sale decreased to 386 from 424 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 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: 10/15/2011
Sales Activity: 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 453 to 510. The number of homes in escrow decreased to 112 compared to 123 a month ago. Of those, 40 are contingent sales, the vast majority of which are “Short Sales”.
Inventory levels: During the last month, the total number of homes listed for sale dropped to 245 from 271 a month ago. The inventory level remains just at a 5-month supply across all price points. This indicates a fairly 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
