Sorrento Valley has a very unique housing market, since it's host to many major businesses and has a limited amount of residential property in surrounding areas. There are currently 9 active listings in the 92121 zip code, also known as Sorrento Valley, UTC, or otherwise known as University Town Center, named after the mall in the area. Of those listings, 2 are distressed sales. The listing with the highest days on the market belongs to a detached home in the Shaw Lopez development which was designed by a nationally recognized architect. The prices for those homes are at 3.3 million which brings up the sales averages for the general area. Just for comparison sake, homes in this neighborhood when blending detached and attached homes has an average price per square foot of $464, according to their listing prices. The average price is at $1.3 million, with units spending an average of 88 days on the market when combining the different types of properties.
On the bright side, 6 homes are in pending status. There is only one property in contingent status, (which means it's a short sale waiting to be approved by the seller's lender). All in all, the pending transactions far outweigh the one contingent sale, which is a good sign that we are getting much less short sales coming into the market going forward, since lenders stopped making those subprime loans in 2006. Many distressed homeowners have worked their way out of the current inventory.
For those sitting on the fence, waiting for this market to go down even further, have missed their chance if they haven't bought already, unless something major happens, demand will continue to rise in this area more than other coastal areas. I believe this because their entry price points are a bit lower than more expensive ocean view areas. Homeowners in this area tend to stay longer, because they like where they live and its easy access to the ocean, as well as the businesses nearby.
As for the entry level market (condominiums in this area priced under $300,000), there is not much available currently, to be exact, there's only one listing and it has 885 square feet, with 2 bedrooms and one bath. Right now, it's priced at $269,900 and will most likely receive more than one offer, the closer we get into the high buying season. Since the Sorrento Valley and UTC areas have always been in high demand, it’s still going to be a challenge to buy here moving forward, because some of the area complexes have issues that preclude a buyer from getting suitable financing. With that being said, the housing inventory for San Diego's coastal areas will always have a higher demand, since people like living near the ocean and the cooler weather it offers, therefore it is my opinion when the market recovers, their prices will steadily move higher before the inland areas and the cities on the rims of the county.
Comments(0)