Known as “America’s Finest City”, San Diego is a coveted enclave within California which continually attracts families who want it all: great year-round weather, white sandy beaches, a steady economy, world class educational institutions and healthcare, attractions like the San Diego Zoo, SeaWorld, Legoland, the theater, and best of all, a casual, healthy lifestyle that keeps residents feeling young.
Consistent with the high demand to live here, San Diego’s real estate market has been booming for years. But, as with all other locales, prices fluctuate with changes in supply and demand, the economy and interest rates. Looking at County-wide statistics, prices are down from their highs, and sales take longer than they have in the last couple of years. However, each community whether Point Loma, La Jolla, Del Mar or Rancho Santa Fe experiences its own real estate market characteristics.
Point Loma’s smaller market has maintained a steady pace with a consistent median sales price and closed sales have seen an increase of 11% so far in 2019. There is only a 2.5 month supply of inventory at the present time. The Point Loma community continues to benefit as Downtown San Diego is booming with residential and commercial development. Streets from the Gaslamp to Little Italy to Liberty Station are alive and the vibe is young and electric as residents and their dogs enjoy the downtown lifestyle!
The 2019 year to date activity in the La Jolla real estate market is consistent with last year; the median price and six month inventory is essentially the same as last year. However, the time it takes to sell has decreased from 87 to only 60 days! San Diegans recently celebrated La Jolla’s new performing arts center, also known as “The Conrad” named after San Diego’s generous philanthropist Conrad Prebys. The magnitude of the $82M facility is truly significant and will also serve as a permanent home for the La Jolla Music Society. Buyers of La Jolla real estate often boast that once they arrive, there is no need to leave 92037 for dining, entertainment or anything else!
The Del Mar market has been hot for several years and sellers can expect to sell their properties quickly, in a brief 50 days on average. Median prices are down very slightly. The number of closed sales is down 30% quarter to quarter, but it looks like April and May closings will be strong and boost the statistics.
Up the coast in Rancho Santa Fe, sellers have experienced the largest fluctuation in real estate activity and value over the past year. Buyers have been in control and are reaping the rewards in 92067. Closed sales are down 58% comparing the first quarter of 2019 to that of 2018. However, the median sales price has increased by 5% due to the number of $5+M properties that have been selling at bargain prices. The current supply of inventory is 10 months and the average time on market is 120 days, which is double what it was a year ago. Buyers looking for privacy, luxury and land will continue to take advantage of investment opportunities in Rancho Santa Fe this year.
As in 2018, we are again seeing great real estate opportunities for buyers in all San Diego neighborhoods. Inventory is strong and 2019 is the year to purchase your first, second or third dream home in “America’s Finest City”!