Homes in an area of the central coast bordered by La Jolla and Pacific Beach on the southwest and Del Mar, Solano Beach and Cardiff to the North, Rancho Santa Fe and Carmel Valley to the east and the Pacific Ocean to the West demonstrate the dichotomy of home sales and prices. In the area described there is a ratio of 4 to 1 of homes selling for over $500,000 and those active listings priced at under $500,000. The time on market numbers under are close to 45 to 60 days for under $500K and when you look at the over 500 market the time on market is 120 days to 180 days. While this is probably a higher priced area of the county, the ratio is still representative of San Diego County and most of the state as of the end of September sales figures.
The Bargain prices have the number of sales moving up in the areas priced under $500,000 and that has put upward pressure on the prices in the under 500 range. Financing rules have been tightened up in the over $500,000 loans, and forced a slowdown in that segment of the market. While there is a slow down state wide in the over $1,000,000 market, detached homes in La Jolla have an average time on the market of only about 120 days which is a healthy sign. There are of course very high end luxury homes that have been on the market for a very long time, but the average is looking healthy.
Without a crystal ball predicting how much prices will change in the next year is a guess at best, but San Diego's market remains one of the strong markets in the country according to most all of the market forecasters. Prices continue to be trending up.
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