In San Diego Homes sale trends we are still seeing extreme localized markets and major activity differences amongst price points.  Throughout San Diego we continue to see a number of foreclosures and a domination by short sale listings.  In downtown condos, the lower price range ($400k and lower) is still hot with multiple offers and shorter marketing times.  The higher price ranges ($800k and higher) are moving extremely slow and deals are to be had on the short sale listings if you are willing to wait it out.  In Inland North County, homes priced in the mid-$500s or lower seem to be flying off the shelves.  Condos priced in the mid-$300s down are also hot, hot, hot.  But the higher end detached property, $700k+ is seeing a much slower paced market.  In the desireable but high priced areas along the coast, like Del Mar and Solana Beach (average sale price of $2.2MM over the last 3 months) we see slow movement as with most high end markets and about a 14 month absorption projection.  Ever popular Carmel Valley (just inland from Del Mar),  is showing a$950k+ average sale price over the last 3 months and a  respectable absorption projection of less than 8 months and average market time for sold listings is 60 days!  So this market is definitely simmering in the summer months.  Moving south to newer Eastlake in Chula Vista (where foreclosures are pretty prevalent and pricing was hit hard in the decline), the detached home market is flying of the shelves.  With less than 380 active/contingent listings the market absorption rate is at less than 3 months!  The condo market is also hot here.

The synopsis…  the inventory is selling.  And throughout most of San Diego we are seeing list/sale price ratios of upwards of 95%.  Meaning low balling is not the norm out there.  Some of the most competitive localized markets are starting to see the remnants of slight appreciation.  This is occurring mostly in the lower price ranges as many first-time home buyers that were waiting in the wings are jumping into the market. 

This entry was posted on Tuesday, July 14th, 2009 at 9:39 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.