Real Estate

The State of San Diego Luxury Real Estate – January 2010

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: 12/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 117 to 137, an increase of 20 closed sales. The number of homes in escrow as of December 15, 2009 decreased to 24 from 30 the month before. When factoring in the 20 properties which closed escrow since November 15, 2009 there were 14 new net escrows opened since November 15, 2009.

Inventory levels: The number of homes listed for sale has decreased over the past month to 299 compared to 315 on November 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, 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 here

Del Mar: 12/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 142 to 164, an increase of 23 closed sales. This number exceeds the number of sales in 2008 by 28 nearly a 20% increase in closings compared to 2008. The number of homes in escrow as of December 15, 2009 decreased from 33 the month before to 17. When factoring in the 23 properties which closed escrow since November 15, 2009 there were 7 net new escrows opened in the past month.

Inventory levels: The number of homes listed for sale has decreased to 145 from 153 a month ago. The current listing inventory equates to just over a 12-month supply, down from a 16-month supply when we first began reporting in June of 2009.

The Silver Lining: With 164 closed sales through December 15, 20009 compared to 136 closed sales in 2008, demand has taken a nice upturn. Hopefully that trend will continue into 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.

Solana Beach Update: 12/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 125 to 138, an increase of 13 closed sales. The number of homes in escrow as of December 15, 2009 increased from 25 to 28. When factoring in the 13 properties which closed escrow this past month, 16 net new escrows opened since November 15, 2009.

Inventory levels: The number of homes listed for sale fell for the fourth straight month dipping to 79 from 95. 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 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.

Encinitas Update: 12/15/2009

Sales Activity: Sales activity in Encinitas remains active. There were 52 closed sales during the past month, raising the total number of closings year-to-date from 419 a month ago to 471 as of December 15, 2009. The number of homes in escrow decreased by 23; decreasing from 94 to 71. Subtracting the number of closed sales the previous month, there were 29 net new escrows opened.

Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, decreasing from 218 to 199. The inventory level has dipped slightly to just over a 5-month supply.
The Silver Lining: Encinitas’s supply / demand ratio has dipped slightly over the past month. 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.

Coronado Update: 12/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 157 to 171, an increase of 14 closed sales. The number of homes in escrow as of December 15, 2009 decreased slightly from 20 to 17. When factoring in the 14 properties which closed escrow since October 15, 2009 there were 11 net new escrows opened this past month.

Inventory levels: The number of homes listed for sale has continued to decrease over the past four months, dipping from 231 last month to 212. The current listing inventory equates to right at a 15-month supply, while down slightly from the previous month, Coronado continues to have 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: 12/15/2009

Sales Activity: Sales activity in La Jolla remains consistently active. There were 47 closed sales during the past month, raising the total number of closings year-to-date from 448 a month ago to 495. The number of homes in escrow decreased to 78 from 80 a month ago. Subtracting the number of closed sales the previous month, there were 45 net new escrows opened.

Inventory levels: For the third straight month, the total number of homes listed for sale decreased from 412 to 361. The inventory level is down again to slightly over an 8 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: 12/15/2009

Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 70 closed sales during the past month, raising the total number of closings year-to-date from 533 a month ago to 603. The number of homes in escrow decreased from 113 a month ago to 83. Subtracting the number of closed sales the previous month, there were 40 net new escrows opened.

Inventory levels: During the last month, the total number of homes listed for sale decreased from 202 to 162. The inventory level has decreased to just over at a 3-month supply across all price points and is at roughly a 2.5 month supply of homes priced below 1.5 million dollars. Multiple offers are starting to occur again because of the lack of inventory below that 1.5 million dollar threshold.

The Silver Lining: Carmel Valley’s supply / demand ratio continues to improve. 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 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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