Real Estate Market Snapshot

Posted by Dennis DeSouza on Friday, April 29th, 2016 at 8:07pm.

Blooming flowers in front of oceanfront homes in La Jolla

(c) Can Stock Photo

A wealth of real estate market data was recently released, and much of it showed rising numbers. At a glance, the information shows noteworthy listings in La Jolla and Del Mar, new homes going on the market in San Diego communities and markets across the nation reaching benchmarks.

Del Mar and La Jolla listings make the news

Today, the Los Angeles Times published a story about the three most expensive listings in San Diego, which featured a home in Del Mar and another in La Jolla. The estate in Del Mar is seated on coastal bluffs, claims 400 feet of oceanfront and is listed for $33.9 million. The La Jolla listing is an oceanfront estate that was built in 2003 and is on the market for $26.58 million. The third property featured in the article is a 118-acre estate located in Escondido with a list price of $28 million.

Del Mar was also the location of the most expensive single-family home sold in the county last month. The Greater San Diego Association of Realtors (SDAR) stated that the home sold for $10.8 million.

35 San Diego communities will put homes on the market this year

In recent months, San Diego has experienced low levels of available inventory. Per SDAR, the supply of homes on the market in March was approximately two months. The San Diego Union-Tribune recently reported that 35 new home communities in San Diego would list single-family detached homes, townhomes, flats and condos this year.

Earlier this month, SDAR stated that previously-owned home sales increased 33 percent in March from their numbers in February. The condo and townhome market also experienced a 26 percent rise in sales. First quarter sales numbers for 2016 are 2 percent higher than those of the same time frame last year.

In addition, median single-family home prices rose 5 percent from February to March, while condos and townhomes saw a 3 percent month-over-month increase.

Condo market history was also made in March. According to SDAR, one of the most expensive condos in San Diego County history sold last month. A 4,400 square-foot penthouse located on Harbor Drive sold for $6.275 million.

Housing markets across the nation continue to improve

On April 27th, Freddie Mac released Multi-Indicator Market Index (MiMi) values, which are developed through monitoring and measuring the stability of housing markets across the nation. The data demonstrates that housing markets across the nation are continuing to improve. The national MiMi has improved by 40 percent since October of 2010, when it hit an all-time low.

All but 15 states have MiMi values within their benchmark averages, as do 59 of the nation’s top 100 metropolitan areas. Data from all 50 states and the District of Columbia found the highest benchmark averages in:

  • District of Columbia
  • North Dakota
  • Hawaii
  • Montana
  • Utah

The metro areas with the highest MiMi values are:

  • Austin, TX
  • Denver, CO
  • Salt Lake City, UT
  • Honolulu, HI
  • Los Angeles, CA

In addition to data on the states with the highest MiMi values, a list of states that are showing the most improvement year-over-year was released. Those states were:

  • Colorado
  • Florida
  • New Jersey
  • Oregon
  • Nevada

In February, 36 states and 68 of the top 100 metropolitan areas were showing three-month improvement trends. Out of the top 100 metropolitan areas in the nation, the following showed the most improvement on a year-over-year basis:

  • Orlando, FL
  • Denver, CO
  • Tampa, FL
  • Cape Coral, FL
  • Portland, OR.

Freddie Mac Deputy Chief Economist, Len Kiefer, stated that the U.S. housing market is poised to have its best year in a decade.

For more information about homes in La Jolla and Del Mar, visit our La Jolla and Del Mar real estate pages or contact DeSouza Select Properties.

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