In San Diego Homes sales we are still seeing extreme localized markets as well as major differences in level of activity within different price points.  Downtown and much of the metro area we continue to see a number of foreclosures and a domination by short sale listings.  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, many of the homes priced in the mid-$500s and lower are also flying off the shelves.  Condos priced in the mid-$300s and lower are also hot, hot, hot.  But the higher end product, $700k+ is a much slower paced market.  In the always 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) the inventory movement is slow as with most any high end market and tracking at about a 14 month absorption projection.  Ever popular Carmel Valley (just inland from Del Mar),  we are seeing a$950k+ average sale price over the last 3 months and a very fast absorption projection of less than 8 months.  Average days on market for sold listings is 60 days!  So this market is definitely simmering in the summer months.  Moving south to desireable Eastlake area of Chula Vista (where foreclosures are pretty prevalent and pricing was hit hard in the decline), the detached home market is hot due to the low average sales pricing of $409,000.  With just over 370 active/contingent listings this market is tracking at about a 3 to 4 month absorption rate!  This is a solid indicator of a strong market that is producing competition among buyers.

As can be seen by the MLS numbers, many localized markets are strong here in San Diego.  We are starting to see some appreciation in pricing in a few of the lower end markets.   Although slight, it is an indicator that we seen and passed the bottom of the market in these localized markets.

This entry was posted on Monday, July 20th, 2009 at 2:39 pm and is filed under Real Estate Market Update. 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.