Real Estate

The State of San Diego Luxury Real Estate – November 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: 10/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 96 to 107, an increase of 11 closed sales. The number of homes in escrow as of October 15, 2009 increased to 29 from 20 the month before. When factoring in the 11 properties which closed escrow since September 15, 2009 there were 20 new net escrows opened since September 15, 2009.
Inventory levels: The number of homes listed for sale has decreased over the past month to 329 compared to 356 on September 15, 2009. The current listing inventory has fallen to 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 increased almost 30% from just 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 here

Del Mar: 10/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 104 to 127, an increase of 23 closed sales. The number of homes in escrow as of October 15, 2009 declined to 28 from 38 the month before. When factoring in the 23 properties which closed escrow since September 15, 2009 there were 13 net new escrows opened in the past month.
Inventory levels: The number of homes listed for sale remains almost the same, decreasing from 177 to 175 month ago. The current listing inventory still equates to just under a 16-month supply. While down almost 2 months it still remains the third highest level of inventory when compared to other San Diego County luxury home communities.
The Silver Lining: With 3 net new escrows opened between September 15 and October 15, demand appears to be taking a slight downturn. 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: 10/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 95 to 112, an increase of 17 closed sales. The number of homes in escrow as of October 15, 2009 increased from 21 to 23. When factoring in the 17 properties which closed escrow this past month, 19 new net escrows opened since September 15, 2009.
Inventory levels: The number of homes listed for sale fell for the second straight month dipping to 108 from 126. The current listing inventory compared to last year’s number of sales equates to just over a 10-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: 10/15/2009

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 333 a month ago to 376 as of October 15, 2009. The number of homes in escrow decreased by 6; decreasing from 86 to 82. Subtracting the number of closed sales the previous month, there were 41 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased slightly, decreasing from 225 to 2223. The inventory level remains at just over 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: 10/15/2009

Sales Activity: Over the past month, the total number of closed sales in 2009 rose from 125 to 144, an increase of 19 closed sales. The number of homes in escrow as of October 15, 2009 decreased slightly from 23 to 21. When factoring in the 19 properties which closed escrow since September 15, 2009 there were 17 net new escrows opened this past month.
Inventory levels: The number of homes listed for sale has decreased over the past two months, dipping from 260 last month to 248. The current listing inventory equates to just over a 17-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: 10/15/2009

Sales Activity: Sales activity in La Jolla remains consistently active. There were 48 closed sales during the past month, raising the total number of closings year-to-date from 344 a month ago to 392. The number of homes in escrow increased to 91 from 87. Subtracting the number of closed sales the previous month, there were 52 net new escrows opened.

Inventory levels: For the third straight month, the total number of homes listed for sale decreased by about 4%, decreasing from 466 to 439. The inventory level is down again to slightly over a 10 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: 10/15/2009

Sales Activity: Sales activity in Carmel Valley remains consistently active. There were 63 closed sales during the past month, raising the total number of closings year-to-date from 416 a month ago to 479 (through October 15, 2009). The number of homes in escrow increased from 98 a month ago to 102. Subtracting the number of closed sales the previous month, there were 67 net new escrows opened.
Inventory levels: During the last month, the total number of homes listed for sale decreased from 249 to 242. The inventory level is basically the same as a month ago at a 5-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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