While lower priced real estate markets throughout San Diego continue to be brisk with low inventory, upper luxury markets in Coronado, Del Mar, La Jolla, and Rancho Santa Fe continue to see challenges. Today I thought it would be interesting to compare existing median prices in each of these markets with median prices of new listings. The charts below are from active listings for sale for single family residences which was updated today.
One would assume in a Seller’s market, new listings coming on the market would be at a higher asking price while in a Buyer’s Market they would be lower. If you are a serious seller in these markets you need to price not on median asking prices, but your real competition is the new listings median pricing.
Coronado is interesting in that the median price of active listings has a slight uptrend from November 2008 through October 2009. New listings median prices coming on to the market have been much more up and down with an uptrend since August of 2009. Full market statistics for Coronado or Flash Charts.
Del Mar has a clear downtrend in median asking prices both in existing and new listings on the market. Full market statistics for Del Mar or Flash Charts.
La Jolla has an upward trending median asking price since early August 2009, while new listings coming on the market are priced much lower. Full market statistics for La Jolla or Flash Charts.
Rancho Santa Fe continues to see price declines in median asking prices with new listings on the market trending in a simular pattern. Full market statistics for Rancho Santa Fe or Flash Charts.
Compare the active median prices and new listing median prices in a lower priced market like Escondido. While new listings are still coming in lower than existing inventory, the trend is clearly in an upward movement since March of 2009.
Photo Credit: Flicker – Scion Cho
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