Del Mar real estate market
The Del Mar real estate market, a portion of San Diego housing market, may finally be falling off of its upwards trend. Experts are projecting a likely drop in median price in the near future, and the number of impending sales has trailed off. An August 4, 2010 report from San Diego 6 News stated that “San Diego County had fewer mortgage defaults and foreclosures in the second quarter than it has had in the past three years, according to a report released today by MDA DataQuick, a real-estate research firm based in La Jolla. Countywide, 5,458 homes went into default during the second quarter, a 45 percent drop from the total of 9,866 during the same period of last year. That’s the lowest number since the second quarter of 2007, just as the county was slipping into recession. Foreclosures dropped 6 percent from 3,518 in the second quarter of 2009 to 3,315. The same trend is showing up throughout California, with the number of defaults dropping for five consecutive months, resulting in a 44 percent year-to-year drop. Foreclosures, however, rose by 4 percent, driven partly by jumps in relatively pricy neighborhoods in Orange County, San Mateo, Marin, Los Angeles, Santa Barbara and San Francisco counties.”
Fewer Del Mar homes for sale are due to be purchased, according to an August 3, 2010 article from the San Diego Union-Tribune. This seems to indicate that the local housing market is losing steam, possibly because of the expiration of the federal tax credit.The report by Jennifer Davies stated that “Pending home sales across the country continue to dip as the federal home buyer tax credit expired, says the National Association of Realtors. Throughout the country pending sales, which are those deals that have been signed but have not yet closed, fell 2.6 percent in June from the previous month. Compared to June 2009, pending sales are off almost 19 percent. In the West region, which includes San Diego, pending sales slipped 0.2 percent in June from the previous month and are down 14.2 percent from a year ago.”
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