High activity in the low end of North San Diego County

Those of us living and working in higher end North San Diego County markets like Del Mar CA have been watching other areas of the county bottom out and, in fact, become hot markets.  Many lower priced neighborhoods have had large numbers of short sales and REOs, and buyers have taken advantage of this great opportunity to buy at hugely discounted rates.  This increased activity had led to multiple offers and overbids.

In contrast, almost no activity in Del Mar CA… until recently!

Not so with Del Mar CA homes, Solana Beach CA property and other higher priced neighborhoods. Until recently, listings simply weren’t moving.  Del Mar prices were steadily declining until the end of last year.  Well, chin up, Del Martians!  Property, at least Del Mar CA property, is finally beginning to sell!

Del Mar CA is heating up!

Comparing the number of new listings with the number of new sales in any given month since the beginning of 2009, the ratios are finally showing improvement. Back in January, there were 34 listing new Del Mar detached home listings, while only 7 listings went into escrow during that same period.  This imbalance leads to increased inventory and declining prices.  In contrast, 30 detached Del Mar CA homes were listed in May, and 19 listings went into escrow! 

Here’s the data for the first 5 months of 2009.  The graph shows the ratio of new listings/new sales.  A smaller number means the inventory is decreasing:

Del Mar CA home sales

At a ratio of 1.6 new listings per new sale for the month of May, we are actually approaching a healthy balance, and, if this keeps up, prices will start to creep back up.

Another view, looking at the last 12 months, shows the steadily increasing number of new escrows since its lowest point in Ocober of 2008:

Del Mar CA home sales vs new listings

If you’re interested in relocating to Del Mar or in investing in Del Mar CA real estate, please give us a call (760-815-1318) soon or visit our website DreamHomesByTheBeach.com.  Don’t let this opportunity pass you by!