Today I thought it would be interesting to focus on the luxury real estate markets of San Diego which include Rancho Santa Fe, Del Mar, La Jolla, and Coronado.

First let’s take a look at median prices for active homes on the market.  These numbers are from June 17th provided by Altos Market Research, include only single family homes, and are average over 90 days.  If you want to follow statistics for these areas updated weekly the links are below:

1. Rancho Santa Fe – Active Market Statistics - Foreclosure Statistics.
2. Del Mar - Active Market Statistics – Foreclosure Statistics.
3. La Jolla – Active Market Statistics – Foreclosure Statistics.
4. Coronado – Active Market Statistics – Foreclosure Statistics.

If you would like these reports delivered directly to your e-mail you may sign up here.

As you can see Rancho Santa Fe (92067 & 92091) had been hard hit with median prices due to distress and foreclosure sales.  This market is actually pending upwards right now on active listing prices.  Del Mar on the other hand is trending downward, La Jolla like Rancho Santa Fe upward, and Coronado is mostly flat.

A good sign of a healthy market is inventory.  Too many choices with few buyers will tend to drive prices downward.  We are currently in what would be considered high buying season.

So all markets are trending upward in Rancho Santa Fe, Del Mar, La Jolla, and Coronado.

Another good bench mark for the health of a market is how long a property is on the market before it goes sale pending, otherwise known as Days On Market (DOM).

Luxury Homes For Sale In San Diego: New Listings Taken Lower Than Existing Inventory for Rancho Santa Fe, Del Mar, Coronado, and La Jolla.

If you are thinking about putting your luxury home on the San Diego real estate market your competition has been adding new listings at lower median prices than the existing active inventory.  Rancho Santa Fe seems to have the largest trend down in new listing asking prices followed by La Jolla.

Looking at the existing luxury homes for sale in San Diego the inventory of homes that have been re-listed there are doing so at much the same as the median new listing prices.  That means the Seller on the 2nd or 3rd listing is reducing the asking price to be competitive with the luxury home real estate market.

I don’t have a crystal ball but my best guess is further reduction of listing and selling prices for the San Diego luxury market in Rancho Santa Fe, Del Mar, Coronado, and La Jolla before some stabilization in 2012.

Lots of smart cash buyers out in the luxury markets, but unfortunately not enough to drive demand high enough to increase prices.  Lesson for those that want to sell is price aggressively, market the heck out of the property, and realize buyers are picking the low hanging fruit.

San Diego Lifestyle now maintains yearly market data in each of these markets that we share with Clients in Google Documents.  Combined with the active market data provided above from Altos Research and foreclosure data from Foreclosure Radar you can get a pretty good guess where the market is headed.

One good piece of news is market inventory has been dropping, but I would expect that to increase in the near future as spring comes on.

Finally in support of that theory you can see from the Market Action Index below that San Diego luxury homes for sale are once again trending downward.

If you would like to have these market statistics delivered to your e-mail on a regular interval please fill out the following request form.  I promise not to spam you.

San Diego Luxury Home New Listings

Looking at the San Diego luxury real estate markets reminds me of the old Grateful Dead song about Casey Jones.

Trouble Ahead, trouble behind
And you know that notion just crossed my mind

We’re headed into spring which is the traditional time to bring new listings on the market.  Looking at the San Diego Luxury homes in Rancho Santa Fe, Del Mar, La Jolla, and Coronado we are starting to see inventory climb.  Many of the REALTORS® that follow these markets have been very optimistic that the bottom has been reached, and market is just around the corner.

The Coronado and Del Mar statistics continue to look pretty good.  Rancho Santa Fe , which has probably seen the largest price reductions and loss of value shows,  a dramatic climb in inventory.  The chart above includes both 92067 and 92091 and is from Altos Market Research.  Rather than looking at stale market data, I find Altos gives us a heads up where a particular market is going.

Let’s take a look at the numbers for Coronado, Del Mar, La Jolla, and Rancho Santa Fe.

If you are interested in foreclosure rates here are the links for Rancho Santa Fe, Del Mar, La Jolla, and Coronado.

I am hearing lots of buy now before it is to late rhetoric.  Caution and the realization that financing is extremely difficult for luxury homes is prudent.

As always, San Diego Lifestyle is your guiding light.

We are not going to push a bunch of Polly Anna buy now before it is to late, now is the time, and you can’t beat the interest rates!  Yes, incredible opportunities exist in the San Diego Luxury Market as long as you go in with your eyes open, the market facts, and don’t overpay.  If I were you I would take in a good negotiator with you, not a cheerleader of the moment!

Start today by signing up for our complementary Altos Market Reports delivered directly to your in-box.

Source: San Diego Association of REALTORS®

San Diego County Sells 11,320 Attached Homes & 20,778 Single Family Homes.

The 2010 San Diego real estate market was a year of recovery.  While sales increased due to the government incentives and then softened, we left December in a upward trend.  Source of this data is the San Diego Association of REALTORS® from Sandicor MLS.

Let’s look at some broad San Diego home sales for the year.

Total 2010 sales volume for attached homes was $3,058,522,621 which was down -.751%  from 2009.
Total 2010 sold listings for attached homes was 11,320 which was -5.335% down from 2009.

Total 2010 sales volume for detached homes was $10,359,200,232 which was up 1.359% from 2009.
Total 2010 sold listings for detached homes was 20,778 which was down -7.813% from 2009.

Let’s take a look at some individual markets.

Del Mar Sold – Single Family Homes

2010 –  93 Sold – 105 Days On Market – $1,325,000 Median Sold Price
2009 – 130 Sold – 110 Days On Market – $1,350,000 Median Sold Price

More Del Mar market statistics here.

Coronado Sold – Single Family Homes

2010 –  137 Sold – 131 Days On Market – $1,330,000 Median Sold Price
2009 – 108 Sold – 139 Days On Market – $1,222,500 Median Sold Price

Coronado Active Homes On Market including median list price, total inventory, average home size, homes sold, average days on the market, average list price, and average price per square foot.

More Coronado market statistics here.

Rancho Santa Fe Sold  - Single Family Homes – 92067 Only

2010 – 169 Sold – 162 Days On Market – $1,999,000 Median Sold Price
2009 – 106 Sold – 148 Days On Market – $2,321,666 Median Sold Price

Rancho Santa Fe 92067 Active Homes On Market including median list price, total inventory, average home size, homes sold, average days on the market, average list price, and average price per square foot.

More Rancho Santa Fe Market Statistics for 92067 & 92091.

Another market that I watch pretty carefully is the Downtown San Diego Condo (Attached Home) sales.

2010 – Sold 893 – 98 Days On Market – $340,000 Median Sold Price.
2009 – Sold 811 – 78 Days On Market – $377,500 Median Sold Price.

Downtown active properties

Source for this sold market data is San Diego Association of REALTORS® and Sandicor MLS.  Not all sales are reported sold in Sandicor.  Information is deemed accurate but not guaranteed.

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

Del Mar Updated Market Statistics – Full Report

La Jolla Updated Market Report – Full Report

Coronado Updated Market Report – Full Report

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 101. See more city of Del Mar real estate.
(all data current as of 2/4/2012)

1. $26,500,000 : 2928 Camino Del Mar, Del Mar
   
   6 beds, 7 full, 1 part baths

   Home size: 6,551 sq ft
2. $3,500,000 : MLS # 110048003 in Del Mar
   
   3 beds, 2 full baths

   Home size: 1,360 sq ft
3. $1,995,000 : 342 Pine Needles Dr, Del Mar
   
   4 beds, 2 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 13,900 sq ft

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

Showing properties 1 - 3 of 85. See more city of Coronado real estate.
(all data current as of 2/4/2012)

1. $2,000,000 : 34 The Point, Coronado
   
   4 beds, 5 full, 1 part baths

   Home size: 4,930 sq ft
2. $1,795,000 : 33 The Point, Coronado
   
   3 beds, 3 full baths

   Home size: 2,966 sq ft

   Lot size: 7,405 sq ft
3. $8,700,000 : 1127 F Ave, Coronado
   
   4 beds, 4 full, 3 part baths

   Home size: 6,000 sq ft

   Lot size: 18,263 sq ft

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

Showing properties 1 - 3 of 342. See more city of La Jolla real estate.
(all data current as of 2/4/2012)

1. $5,895,000 : 417 SEA RIDGE Dr, La Jolla
   
   6 beds, 5 full baths

   Home size: 4,176 sq ft

   Lot size: 10,672 sq ft
2. $575,000 : 5726 La Jolla Blvd 203, La Jolla
   
   2 beds, 2 full baths

   Home size: 1,111 sq ft
3. $1,200,000 : 5408 Beaumont Ave, La Jolla
   
   4 beds, 2 full baths

   Home size: 1,840 sq ft

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

Showing properties 1 - 3 of 85. See more city of Coronado real estate.
(all data current as of 2/4/2012)

1. $2,000,000 : 34 The Point, Coronado
   
   4 beds, 5 full, 1 part baths

   Home size: 4,930 sq ft
2. $1,795,000 : 33 The Point, Coronado
   
   3 beds, 3 full baths

   Home size: 2,966 sq ft

   Lot size: 7,405 sq ft
3. $8,700,000 : 1127 F Ave, Coronado
   
   4 beds, 4 full, 3 part baths

   Home size: 6,000 sq ft

   Lot size: 18,263 sq ft

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 181. See more city of La Jolla real estate.
(all data current as of 2/4/2012)

1. $28,500,000 : 308 Vista De La Playa, La Jolla
   
   4 beds, 7 full, 2 part baths

   Home size: 9,142 sq ft

   Lot size: 31,798 sq ft

   Year built: 1989

   Parking spots: 13

   Days on market: 33
2. $17,900,000 : 6292 Camino de la Costa, La Jolla
   
   7 beds, 8 full, 1 part baths

   Home size: 10,000 sq ft

   Year built: 2000

   Days on market: 12
3. $17,750,000 : 8542 El Paseo Grande, La Jolla
   
   3 beds, 5 full, 2 part baths

   Home size: 9,320 sq ft

   Lot size: 9,400 sq ft

   Year built: 2002

   Parking spots: 3

   Days on market: 12
4. $14,500,000 : 7310 Vista Del Mar Ave, La Jolla
   
   4 beds, 4 full, 1 part baths

   Home size: 4,900 sq ft

   Year built: 1985

   Parking spots: 4

   Days on market: 376
5. $13,500,000 : 2337 Calle Chiquita, La Jolla
   
   6 beds, 6 full, 2 part baths

   Home size: 11,548 sq ft

   Lot size: 42,253 sq ft

   Year built: 2010

   Parking spots: 10

   Days on market: 45
6. $13,500,000 : 1660 Torrey Pines Rd, La Jolla
   
   6 beds, 6 full, 1 part baths

   Home size: 5,325 sq ft

   Lot size: 37,026 sq ft

   Year built: 1905

   Parking spots: 13

   Days on market: 222
7. $12,500,000 : 7348 Vista Del Mar Ave, La Jolla
   
   6 beds, 5 full baths

   Home size: 4,162 sq ft

   Lot size: 18,861 sq ft

   Year built: 1922

   Days on market: 202
8. $9,400,000 : 6343 Camino De La Costa, La Jolla
   
   4 beds, 5 full, 1 part baths

   Home size: 7,947 sq ft

   Year built: 2011

   Days on market: 12
9. $8,990,000 : 1702 Valdes Dr, La Jolla
   
   5 beds, 6 full, 3 part baths

   Home size: 7,032 sq ft

   Year built: 2011

   Days on market: 355
10. $8,800,876 : 5316 Calumet Ave, La Jolla
    
    4 beds, 3 full, 1 part baths

    Home size: 3,950 sq ft

    Lot size: 6,600 sq ft

    Year built: 2001

    Days on market: 155

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