Real Estate

The State of San Diego Luxury Real Estate – December 2009

With all that is written about the condition of the real estate market, whether it be nationwide, statewide or San Diego County, it is important to recognize that what is published is a very broad view of the market, and this view may or may not apply to a specific area.

With all that is written about the condition of the real estate market, whether it be nationwide, statewide or San Diego County, it is important to recognize that what is published is a very broad view of the market, and this view may or may not apply to a specific area. Just as weather patterns differ by location, the real estate market can dramatically differ from neighborhood to neighborhood. . In this edition, we are looking at the communities of Rancho Santa Fe, La Jolla, Carmel Valley, Del Mar, Solana Beach, Encinitas, and Coronado . We will continue to update the 7 areas presented here so that San Diegans will know what is happening in the real estate market in their neighborhoods.
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.

Rancho Santa Fe Update: 11/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 107 to 117, an increase of 10 closed sales. The number of homes in escrow as of November 15, 2009 increased to 30 from 29 the month before. When factoring in the 10 properties which closed escrow since October 15, 2009 there were 11 new net escrows opened since October 15, 2009.
Inventory levels: The number of homes listed for sale has decreased over the past month to 315 compared to 329 on October 15, 2009. The current listing inventory remains at just under a 24-month supply, while still the highest level of inventory when compared to other San Diego County luxury home communities, it is the lowest level since we started reporting in June of 2009.

The Silver Lining: With the number of listings decreasing and the pending escrows having maintained at the same level as a month ago, we are moving toward a more stabilized marketplace. 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 can take comfort that it remains a great time to buy luxury real estate.

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 hereDel Mar: 11/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 127 to 141, an increase of 14 closed sales. This number already exceeds the number of sales in 2008 by 5 closings. The number of homes in escrow as of November 15, 2009 increased to 33 from 28 the month before. When factoring in the 14 properties which closed escrow since October 15, 2009 there were 19 net new escrows opened in the past month.
Inventory levels: The number of homes listed for sale has decreased to 153 from 175 a month ago. The current listing inventory now equates to just under a 14-month supply. While down slightly, it still remains the third highest level of inventory when compared to other San Diego County luxury home communities.
The Silver Lining: With 19 net new escrows opened between October 15 and November 15, demand has taken a nice upturn. 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.
Solana Beach Update: 11/15/2009
Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 112 to 125, an increase of 13 closed sales. The number of homes in escrow as of November 15, 2009 increased from 23 to 25. When factoring in the 13 properties which closed escrow this past month, 15 net new escrows opened since October 15, 2009.
Inventory levels: The number of homes listed for sale fell for the third straight month dipping to 95 from 108. The current listing inventory compared to last year’s number of sales equates to just over an 8-month supply. Down again from last month’s level.
The Silver Lining: The market Encinitas 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.

Encinitas Update: 11/15/2009

Sales Activity: Sales activity in Encinitas remains active. There were 43 closed sales during the past month, raising the total number of closings year-to-date from 376 a month ago to 419 as of November 15, 2009. The number of homes in escrow increased by 12; increasing from 82 to 94. Subtracting the number of closed sales the previous month, there were 55 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, decreasing from 223 to 218. The inventory level remains just under a 6-month supply, the same level as the previous month.
The Silver Lining: Encinitas’s supply / demand ratio has remained relatively consistent over the past month. This is good news for both the Buyers and Sellers. Encinitas remains one of the most stable communities within its geographic 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.

Coronado Update: 11/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 144 to 157, an increase of 13 closed sales. The number of homes in escrow as of November 15, 2009 decreased slightly from 21 to 20. When factoring in the 13 properties which closed escrow since October 15, 2009 there were 12 net new escrows opened this past month.
Inventory levels: The number of homes listed for sale has decreased over the past three months, dipping from 248 last month to 231. The current listing inventory equates to just over a 16-month supply, while down slightly from the previous month, Coronado still the second highest level of inventory when compared to other San Diego County luxury home communities.
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.

La Jolla Update: 11/15/2009

Sales Activity: Sales activity in La Jolla remains consistently active. There were 56 closed sales during the past month, raising the total number of closings year-to-date from 392 a month ago to 448. The number of homes in escrow decreased to 80 from 91 a month ago. Subtracting the number of closed sales the previous month, there were 47 net new escrows opened.

Inventory levels: For the third straight month, the total number of homes listed for sale decreased, going from 439 to 412. The inventory level is down again to just over a 9 month supply, the lowest since we first reported the levels in June 2009.

The Silver Lining: La Jolla’s supply / demand ratio has continued to improve since we started reporting and continues to inch its way downward. 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.

Carmel Valley Update: 11/15/2009

Sales Activity: Sales activity in Carmel remains consistently active. There were 54 closed sales during the past month, raising the total number of closings year-to-date from 479 a month ago to 533. The number of homes in escrow increased from 102 a month ago to 113. Subtracting the number of closed sales the previous month, there were 65 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased from 242 to 202. The inventory level has decreased to just over at a 4-month supply.
The Silver Lining: Carmel Valley’s supply / demand ratio remains improved over what it was a couple of months ago. This is good 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 new 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.

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