Low end has hit bottom, but Del Mar is still on the way down
While the lower end in San Diego County is selling like hotcakes, with multiple offers and major frustration for those trying to purchase, the buyers still have the upper hand in higher end markets like Del Mar.
Depreciating vs Appreciating Market
The de facto definition of a depreciating market is one where the rate at which inventory is coming on the market is faster than the rate at which property is going into escrow. Your basic supply/demand equation... The low end in San Diego County - everywhere from Oceanside, Vista, and San Marcos to Clairemont, Linda Vista and Mira Mesa - is seeing a definite slowing in new inventory and a huge number of new escrows. From what I can see, they've already hit bottom. The demand is putting pressure on prices, which are bound to start creeping up soon as a result. In contrast, home prices in Del Mar, Carmel Valley, Solana Beach, Rancho Santa Fe, and other high end coastal North San Diego County markets, have yet to hit bottom. Read the whole post on my main blog at http://www.delmarcaliforniarealestatesearch.com/del-mar-prices-falling/
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