San Diego, CA.  Market trends for Rancho Santa Fe, Del Mar, La Jolla, and Coronado.

Midway through July of 2010 and thought we would look at luxury real estate markets in San Diego.  Data is provided by Altos Research and is for active inventory for single family detached homes.  The brightest statistics seems to be a drop in days on the market while inventory increases.  You can sign up for weekly reports e-mail directly to you or visit all our Altos Reports for the week of July 19, 2010 by clicking here.

Rancho Santa Fe Updated Market Statistics – Full Report

90-day stats for Single Family properties in RANCHO SANTA FE, CA as of September 3, 2010
Median List Price:	$3,020,308	Average List Price:	$4,015,731
Total Inventory:	313	Price per Square Foot:	$528
Average Home Size:	6,050	Median Lot Size:	87,505
Average # Beds:	4.96	Average # Baths:	5.35
Homes Absorbed:	9	Newly Listed:	12
Days on Market:	220	Average Age:	19

Del Mar Updated Market Statistics – Full Report

90-day stats for Single Family properties in DEL MAR, CA as of September 3, 2010
Median List Price:	$1,984,111	Average List Price:	$3,566,625
Total Inventory:	145	Price per Square Foot:	$738
Average Home Size:	2,870	Median Lot Size:	10,705
Average # Beds:	3.87	Average # Baths:	3.38
Homes Absorbed:	5	Newly Listed:	5
Days on Market:	183	Average Age:	29

La Jolla Updated Market Report – Full Report

90-day stats for Single Family properties in LA JOLLA, CA as of September 3, 2010
Median List Price:	$2,342,308	Average List Price:	$3,899,093
Total Inventory:	304	Price per Square Foot:	$786
Average Home Size:	3,208	Median Lot Size:	11,146
Average # Beds:	4.17	Average # Baths:	3.73
Homes Absorbed:	11	Newly Listed:	14
Days on Market:	163	Average Age:	33

Coronado Updated Market Report – Full Report

90-day stats for Single Family properties in CORONADO, CA92118 as of September 3, 2010
Median List Price:	$2,259,615	Average List Price:	$2,897,399
Total Inventory:	140	Price per Square Foot:	$767
Average Home Size:	2,966	Median Lot Size:	6,291
Average # Beds:	4.18	Average # Baths:	3.71
Homes Absorbed:	5	Newly Listed:	6
Days on Market:	168	Average Age:	34

San Diego Luxury Markets of Rancho Santa Fe, Del Mar, Coronado, and La Jolla.

I have been pretty concerned about the upper priced real estate markets in San Diego so I thought I would run some graphs for you.  Rather than give you a bunch of spin, let’s look at some actual facts from active real estate market data.  I was surprised to see the results which are better than I expected, but we need to keep a close eye on them the next several months.

For Sellers we are going into the best opportunity to sell with low interest rates.  Unfortunately  there are many more luxury homes for sals than qualified buyers, which will leave much of the inventory unsold.  In looking a pending homes in Rancho Santa Fe, Del Mar, Coronado, and La Jolla most have been priced very aggressively or had a substantial price reduction prior to the pending date.  If you want to sell this year price aggressively because this is what today’s buyer is looking for.

First inventory is on a climb throughout San Diego.  All markets show a uptrend in inventory with data going back to 2007.

Median asking prices have trended down the most in Rancho Santa Fe while the other markets have been more stable.  Following Rancho Santa Fe Sales I believe this is partially a result of some low priced bank owned or distress sales recently.

Here is some good news that average days on the market is actually trending downward but all above 200 days on the average.

A good snapshot is how many listing prices are being reduced.  This would signify a weakness in the market with Sellers pricing downward to sell.  There has been a downward trend in listing price reductions.

The market active index is still very much a Buyer’s Market with all being below a scale of 15.

I will run this analysis again in around 3o days to see if things have improved or not.  I think that June, July, and August will be the best opportunity for Sellers as the market cools towards the end of the year and interest rates are likely to increase.  It’s going to be a long crawl back to a more normalized market and REO (Bank Owned) sales will continue to be the benchmark for market value.

Biggest Real Estate Listing Price Reductions in Del Mar, Coronado, La Jolla, and Rancho Santa Fe, San Diego Bargains

Page is updated daily – be sure to bookmark.

Showing properties 1 - 3 of 136. See more city of Del Mar real estate.
(all data current as of 9/7/2010)

1. $4,900,000 : 2998 Sandy Lane, Del Mar
   
   4 beds, 4 full, 1 part baths

   Size: 1,884 sq ft

   Lot size: n/a
2. $3,995,000 : 1036 Crest, Del Mar
   
   3 beds, 3 full baths

   Size: 2,792 sq ft

   Lot size: n/a
3. $1,700,000 : 981 Jeffrey, Del Mar
   
   5 beds, 5 full, 1 part baths

   Size: 5,486 sq ft

   Lot size: n/a

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 3 of 145. See more city of Coronado real estate.
(all data current as of 9/7/2010)

1. $890,000 : 44 Port Royale, Coronado
   
   3 beds, 3 full baths

   Size: 2,798 sq ft

   Lot size: n/a
2. $16,999,000 : 709/711 1st, Coronado
   
   6 beds, 7 full, 4 part baths

   Size: 7,228 sq ft

   Lot size: 19,138 sq ft
3. $4,700,000 : 1010 Olive, Coronado
   
   6 beds, 5 full, 1 part baths

   Size: 6,220 sq ft

   Lot size: n/a

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 3 of 500+. See more city of La Jolla real estate.
(all data current as of 9/7/2010)

1. $1,995,000 : 7159 Country Club, La Jolla
   
   4 beds, 4 full, 1 part baths

   Size: 6,251 sq ft

   Lot size: 18,408 sq ft
2. $2,995,000 : 7070 Fairway, La Jolla
   
   4 beds, 4 full baths

   Size: 3,510 sq ft

   Lot size: 20,129 sq ft
3. $1,895,000 : 5875 Cactus, La Jolla
   
   4 beds, 4 full, 1 part baths

   Size: 4,007 sq ft

   Lot size: 30,100 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 3 of 145. See more city of Coronado real estate.
(all data current as of 9/7/2010)

1. $890,000 : 44 Port Royale, Coronado
   
   3 beds, 3 full baths

   Size: 2,798 sq ft

   Lot size: n/a
2. $16,999,000 : 709/711 1st, Coronado
   
   6 beds, 7 full, 4 part baths

   Size: 7,228 sq ft

   Lot size: 19,138 sq ft
3. $4,700,000 : 1010 Olive, Coronado
   
   6 beds, 5 full, 1 part baths

   Size: 6,220 sq ft

   Lot size: n/a

Listing information deemed reliable but not guaranteed. Read full disclaimer.

San Diego, CA: View The 10 Most Expensive Real Estate in La Jolla

These listings are update on a daily basis, so be sure to bookmark.  More information on La Jolla including latest market statistics here.

Showing properties 1 - 10 of 297. See more city of La Jolla real estate.
(all data current as of 9/7/2010)

1. $29,500,000 : 6350 Camino De La Costa, La Jolla
   
   6 beds, 6 full, 1 part baths

   Size: 10,000 sq ft

   Lot size: n/a

   Year built: 1981

   Parking spots: 8

   Days on market: 75
2. $25,000,000 : 9826 La Jolla Farms, La Jolla
   
   4 beds, 4 full, 2 part baths

   Size: 11,000 sq ft

   Lot size: 33,541 sq ft

   Year built: 2007

   Parking spots: 8

   Days on market: 436
3. $19,999,000 : MLS # 090039716 in La Jolla
   
   5 beds, 5 full, 1 part baths

   Size: 6,129 sq ft

   Lot size: n/a

   Year built: 1922

   Parking spots: 4

   Days on market: 422
4. $19,995,000 : 7310 Vista Del Mar, La Jolla
   
   4 beds, 4 full, 1 part baths

   Size: 4,900 sq ft

   Lot size: 14,700 sq ft

   Year built: 1985

   Parking spots: 4

   Days on market: 69
5. $18,800,000 : MLS # 100017515 in La Jolla
   
   3 beds, 5 full, 2 part baths

   Size: 9,320 sq ft

   Lot size: 9,400 sq ft

   Year built: 2002

   Parking spots: 3

   Days on market: 169
6. $18,500,000 : 302 Vista De La Playa, La Jolla
   
   5 beds, 5 full, 1 part baths

   Size: 7,065 sq ft

   Lot size: n/a

   Year built: 1990

   Parking spots: 4

   Days on market: 99
7. $18,000,000 : 6930 Fairway, La Jolla
   
   6 beds, 6 full, 3 part baths

   Size: 9,000 sq ft

   Lot size: n/a

   Year built: 2000

   Parking spots: n/a

   Days on market: 128
8. $18,000,000 : 1247 Inspiration, La Jolla
   
   6 beds, 8 full, 4 part baths

   Size: 15,000 sq ft

   Lot size: n/a

   Year built: 2011

   Parking spots: n/a

   Days on market: 128
9. $15,900,000 : MLS # 090061676 in La Jolla
   
   5 beds, 3 full, 3 part baths

   Size: 8,262 sq ft

   Lot size: 19,597 sq ft

   Year built: 2009

   Parking spots: 7

   Days on market: 310
10. $15,000,876 : 1330 Inspiration, La Jolla
    
    7 beds, 13 full, 1 part baths

    Size: 12,203 sq ft

    Lot size: 43,560 sq ft

    Year built: 2004

    Parking spots: 17

    Days on market: 191

Listing information deemed reliable but not guaranteed. Read full disclaimer.

San Diego Luxury Real Estate Market Listing Reduction Trends in Del Mar, Coronado, La Jolla, and Rancho Santa Fe

Taking a look at active listings in Del Mar, Coronado, La Jolla, and Rancho Santa Fe the trend has been downward in listing price reductions with all of them under 39%.  La Jolla has the highest percentage of listing price reductions while Rancho Santa Fe has the lowest at under 33%.  Information updated on January 25, 2010.

Market predictions for San Diego Home Sales in the Months Ahead

To say that real estate has not been going through some changes over the last few years would be like saying Michael Jackson had a good year.  On everyone’s mind is where our local real estate market is headed in San Diego as we wind up 2009 and look forward to 2010.

Market predictions are worth what you pay for them, this article is free, and certainly you can find anything from outright optimism to downright gloom and doom.  As usual, I think the truth lays somewhere in the middle of the road.  I would sum it up as cautious optimism.

While no one has a crystal ball, and there are too many moving parts for anyone to have the real answer, here are some guesses.  The following are just personal opinions that I have formed from practicing real estate over 20 years – only the future market reality performance will confirm me as a market whiz or a complete idiot!  I’m going to bet on those odds, but I am hoping for the first.

For those San Diego Lifestyle readers who have been following my blog, I post a weekly report on Downtown real estate sales.  You can visit the category here for weekly reports on which buildings have sold and for how much.  For the most part, units that are selling are in the lower price ranges and they are closing escrow for at or above asking price.  Once you get above the $500,000 closed prices are further off asking prices and inventory is more plentiful.

Higher priced luxury markets are a much different story in coastal San Diego.  I also post weekly sales for Rancho Santa Fe.

Looking at real estate sales in Coronado, Del Mar, Rancho Santa Fe, or La Jolla indicate ample inventory, climbing days on market, and falling average prices.  Those properties that are selling are the cream of the crop with buyer’s cherry picking the best real estate values.

An article today on Bloomberg.com summed up what I think are some accurate assumptions.

Bouncing at Bottom

Josh Levin, a housing analyst at Citigroup Global Markets Inc. in New York, said he expects sales to continue to be slow until January or early February, followed by a surge as buyers try to beat the April 30 expiration of the tax credit.

“The bouncing along the bottom is distorted by government policies,” he said in an interview yesterday.

Foreclosures will also have limited impact on driving down real estate prices as long as banks are slow to put properties on the market and the government encourages loan modification programs, he said.

“It’s clear the government and banks don’t want to flood the market with foreclosed homes and it’s clear it’s going to be dragged out,” he said.

The article also references those markets that have improved:

There are signs that parts of the U.S. are rebounding. California, among the states where the housing bust started, is one of the few areas that’s beginning to recover.

October home prices in Orange County, San Diego and the San Francisco Bay Area increased from a year earlier, MDA DataQuick, a San Diego property information service, said this week. The number of sales also increased in the Bay Area and Southern California.

Lastly, what I believe is we will see a early 2010 rush in lower priced markets with low interest rates and buyer’s taking advantage of the tax credit.  I also believe we will see some improvement in volume of sales in luxury markets.

Homebuilders and investors will get a better gauge of whether housing demand is stabilizing in 2010’s first quarter, said Robert Toll, chairman and chief executive officer of Toll Brothers, the largest builder of luxury houses.

The spring selling season for homebuilders typically begins in February, earlier than the resale market because families with children want to be able to move into a home before September’s start of school. It can take up to six months to build a home, and up to 9 months to build the larger houses sold by Toll Brothers.

In summary there is great opportunity for first time or lower priced buyer’s in the market.  Low interest rates combined with lower prices and tax benefits will continue through mid 2010.  Opportunity exists at the luxury level too with some fabulous properties on the market with few buyers and many sellers.  Caution in both markets when buying, I am advising Clients to purchase value over cost – buy quality in good locations.

I am available to discuss your personal real estate goals, just send me an e-mail and call me anytime at 858-352-8280.

Photo courtesy of Flicker by Gmnonic

As of November 9, 2009 luxury real estate markets in Del Mar, Coronado, La Jolla, and Rancho Santa Fe continue to show upward active market index trends.  The Rancho Santa Fe market has shown the most improvement while Coronado has dipped slightly.

Altos Research has also developed a proprietary index, The Market Action Index^TM that gives you an at-a-glance answer to the question, “How’s the market?” The higher the Index goes, the hotter the market. Like a thermometer, the measurable scales goes from zero to over 100. They set a threshold at an index value at 30 above which demand is high enough to call a “Seller’s Market” and below which is a “Buyer’s Market.” Sometimes demand climbs really high, properties stay on the market for only a matter of days, in those instances you may see an index value over 100.

If you want weekly updated statistics delivered to your e-mail box please click here.  No one will contact you without you asking and you can opt out at any time.

San Diego Luxury Markets price per square foot. The latest Altos reports are out yesterday and I thought it would be interesting to see what the luxury markets of Coronado, Del Mar, La Jolla, and Rancho Santa Fe were doing on a median price per square foot basis for active listings.

Rancho Santa Fe was the most dramatic drop in median price per  square foot from just under $1,200 per square foot in late 2007 to under $600.00 as of yesterday.  Rancho Santa Fe is also the San Diego luxury market with the largest homes – note the chart below showing an median of just over 6,000 square feet.

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

The new Altos Research data is out today so I though it would be interesting to take a look at active homes on the market with a price reduction percentage.  Updated full market data for is available for Coronado | Del Mar | La Jolla | Rancho Santa Fe.

For those that don’t think the San Diego market is two markets, take a look at lower priced markets and the percentage of active listings with price reductions, paints a pretty clear picture!

Real opportunity out there for those first time buyers – read more here.