Recent market reports in Carlsbad, Del Mar, Solana Beach and other North San Diego County markets have shown, in general, an increase in sales volume, some reductions in inventory, and other changes since the beginning of 2009. In many communities the homes in the lower price ranges are moving the fastest, although these also account for the largest percentage of distress sales and REOs.
But what's going on with single family (detached) homes priced above $1 million and in the upper echelons of $5 or $10 million or above?
Since the beginning of 2009 until the end of May in Carlsbad, Solana Beach, Encinitas, Cardiff, Del Mar, La Jolla and Rancho Santa Fe (communities typically with multiple high end homes over $1 million), we have seen the following sales in the $1 million+ range (this information is based on statistics reported in the MLS and are believe to be reliable but are not guaranteed):
|
|
#
|
Sales $/List $ |
Days on Market |
Cash Sales |
|
$1 - $5 million
|
178 |
91% (80-122%) |
95 (2 - 507) |
63 (35%) |
|
$5 M+ to $10 M
|
11 |
87% (80-95%) |
148 (range 7-302) |
6 (55%) |
|
$10 M+
|
2 |
78% (70% & 88%) |
219 (216 & 221) |
2 (100%) |
Over 1/3 (37%) of the homes sold in the $1 million plus category are not financed but are purchased for cash, a number which is, perhaps, not surprising.
12 of the 191 homes sold in the $1 million+ range were short sales (6%).
So what's on the market in these price ranges in the same communities?
There are 948 detached homes on the market priced from $1 million to $5 million; 114 homes are priced in the $5 million to $10 million range; and 49 homes are listed at over $10 million (range of $10.5 million - $76 million). These homes have been on the market for an average of 116 days (this is based on the current contract, not any previous contracts on specific homes) with 13 homes on the market for over 1 year and 5 over 2 years (not unusual for very high end homes).
Of these homes only 38 (3%) are short sales and those are all in the $1 - $3 million range.
If you are considering a high-end home, particularly above $3 million, there is a broad selection right now, ranging from oceanfront contemporaries to inland estates and horse properties. Your luxury home is waiting for you in North County San Diego (high-end homes exist in a number of other communities not include in these data!
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All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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It's still a heckuva lot of money, especially in terms of annual salary, but with regard to housing, at least here in California, a million dollars just doesn't buy what it used to. In some of the more expensive communities like La Jolla, Rancho Santa Fe, Del Mar and Coronado you can hardly buy any sort of detached home for under a million.
In the Del Mar real estate market you can acquire a 4 bedroom 3 bath 4300 SF home with ocean views (not frontage) for about $5 million; that same money gets you a 4 bedroom 3.5 bath ocean-front (bluff top) 3200 SF piece of Solana Beach real estate.
