State of San Diego Real Estate

The State of San Diego Real Estate-September 2011 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, POWAY, RANCHO BERNARDO/SANTALUZ/THE CROSBY Luxury Real Estate!

Plus Rancho Santa Fe, Del Mar, Solana Beach, Encinitas, La Jolla, Carmel Valley, Solana Beach, Encinitas, 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–Click Here

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

Carlsbad Luxury Real Estate Update:  8/15/2011

Sales Activity:  Sales activity in Carlsbad heated up slightly.  There were 86 closed sales during the past month, raising the total number of closings year-to-date from 516 to 602 through August 15, 2011. The number of homes in escrow decreased by 16; from 242 to 226. Of those, 82 are contingent sales, the majority of which are “Short Sales”.

Inventory levels:  During the last month, the total number of homes listed for sale increased slightly to 478 compared to 471 a month ago.  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 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.

Carlsbad Chart–click here     Carlsbad Graph–click here

Poway Luxury Real Estate Update:  8/15/2011

Sales Activity:  Sales activity in Poway remains active.  There were 61 closed sales during the past month, raising the total number of closings year-to-date from 272 to 333 through August 15, 2011. The number of homes in escrow decreased by 9; to 116 from 126 a month ago.    Of those 116 escrows, 42 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 194 compared to 218 a month ago.  The inventory level remains between a 5-and-6-month supply.

The Silver Lining:  Poway’s 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.

Poway Chart–Click Here     Poway Graph–Click Here

Rancho Bernardo, Santaluz, The Crosby Luxury Real Estate  Update:  8/15/2011

Sales Activity:  Over the past month, the total number of closed sales in 2011 rose from 736 to 851, an increase of 115 closed sales.  The number of homes in escrow as of August 15, 2011 decreased by 17 homes; to 306 compared to 323 a month ago.  145 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 decreased by 12 homes, to 580 from 592 a month ago.  The current listing inventory compared to last year’s number of sales equates to right at a 4.5-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:  8/15/2011

Sales Activity:  Over the past month, the total number of closed sales thus far in 2011 rose from 133 to 143, an increase of 10 closed sales.  The number of homes in escrow as of August 15, 2011 increased to 39 compared to 36 a month ago. Of those, 13 are contingent sales with the majority being “Short Sales”.  When factoring in the 10 properties which closed escrow since July 15, 2011, there were 13 new and contingent escrows reported as of August 15, 2011.

Inventory levels:  The number of homes listed for sale decreased from the previous month, down to 291 compared to 294 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, 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:  8/15/2011

Sales Activity:  Over the past month, the total number of closed sales in 2011 rose from 117 to 138, an increase of 21 new closed sales.  The number of homes in escrow as of August 15, 2011 increased from 30 to 36. Of those, 5 are contingent sales, with the majority being “Short Sales”.   When factoring in the 21 properties which closed escrow since July 15, 2011, there were 27 net new escrows reported this month, double what open the previous month.

Inventory levels:  The number of homes listed for sale remained the same at 173 homes.  The current listing inventory remains right at a 15-month supply, down from a 16-month supply when we first began reporting in June of 2009.

The Silver Lining:  With 138 YTD closed sales through August 15, 2011, demand continues at an acceptable pace. There have already been more sales through August 15th than there were all of last year (2010). 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:  8/15/2011

Sales Activity:  Sales activity in Encinitas remains active.  There were 54 closed sales during the past month, raising the total number of closings year-to-date from 293 to 347 through August 15, 2011. The number of homes in escrow decreased by 11; to 99 from 110 a month ago. Of those open escrows 23 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 275 compared to 278 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 the 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:  8/15/2011

Sales Activity:  Sales activity in La Jolla remains consistently active.  There were 38 closed sales during the past month, raising the total number of closings year-to-date from 288 a month ago to 326.  The number of homes in escrow increased to 121 compared to 105 on July 15,2011.  Of those, 34 are contingent sales with the majority being “Short Sales”. Subtracting the number of closed sales the previous month, there were 54 net new escrows reported open.

Inventory levels:  The total number of homes listed for sale decreased to 455 from 457 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 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.

La Jolla Chart–Click Here     La Jolla Graph–Click Here

Solana Beach Luxury Real Estate Update:  8/15/2011

Sales Activity:  Over the past month, the total number of closed sales in 2011 rose from 84 to 98, an increase of 14 closed sales.  The number of homes in escrow as of August 15, 2011 decreased to 26 from 31 a month ago. Of the 26 open escrows, 8 are contingent sales, the majority of which are “Short Sales”.

Inventory levels:  The number of homes listed for sale decreased to 126 compared to 129 a month ago.  The current listing inventory compared to last year’s number of sales remains 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

Carmel Valley Luxury Real Estate Update:  8/15/2011

Sales Activity:  Sales activity in Carmel Valley remains consistently active.  There were 50 closed sales during the past month, raising the total number of closings year-to-date from 350 to 400.  The number of homes in escrow decreased to 119 compared to 126 a month ago.  Of those, 47 are contingent sales, the majority of which are “Short Sales”.

Inventory levels:  During the last month, the total number of homes listed for sale rose to 298 from 297 a month ago.   The inventory level remains just over 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 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.

Carmel Valley Chart–Click Here     Carmel Valley Graph–Click Here

Coronado Luxury Real Estate Update:  8/15/2011

Sales Activity:  Over the past month, the total number of closed sales in 2011 rose from 120 to 147, an increase of 27 closed sales.  The number of homes in escrow as of August 15, 2011 increased to 39 compared to 38 a month ago. Of those, only 5 are contingent “Short Sales”. When factoring in the 27 properties which closed escrow since July 15, 2011, there were 28 net new escrows reported opened this past month.

Inventory levels:  The number of homes listed for sale decreased slightly to 250 compared to 257 a month ago.  The current listing inventory is just over a 13-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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