San Diego Real Estate Update - 4S Ranch and Del Sur - October 2024

Real estate sales remain sluggish in 4S Ranch and Del Sur. Stick around to the end and I will show you what's happening. If you're new to this channel, please remember to hit that like button, subscribe so you don't miss any of these updates. Today we are talking about 4S Ranch and Del Sur, so let's get right into it. Looking at the map here, we are lumping these two areas together because there's just so little activity in either one as an individual. Now if real estate activity starts exploding, we can separate these out again and we'll have something to show you, but for now the best way to show you what's going on is to lump the two together and they are very similar, so it doesn't hurt. We are looking at right now 24 active properties and 15 pending, so that is lopsided, although not as lopsided as it was a couple of months ago and not as lopsided as some other zip codes in San Diego County. Right now this 15 pending is just about what you would expect because there are only 13 sold in the last 30 days, so with only 15 or so selling every month, that means a little less than half these sellers aren't going to sell this month, so you really need to pay attention to proper pricing. Price it well if you want to sell. We have, for instance, Deer Trail Drive here sold in 22 days for $2.162,500. That was our listing and it did take 22 days to sell and so that was a process of putting it on the market where we thought it should be and educating the seller that this might be the price and it might not be the price because the market is a living breathing thing and when things don't happen the way you expect them to, you have to react, you have to adjust, so we did get a very strong sale price for that property in not that much time. It just took a little work, so that's what's happening with active, pending, and sold properties. Let's take a look at the InfoSparks chart and get the longer term trends here. We have San Diego County, we have Del Sur, and we have Forest Ranch all on the same graph here and you can see that Forest Ranch and Del Sur with regard to median price basically run together with few exceptions. You do see some departures here, but there's not a lot of data points, so that does tend to make the data more jagged, but one thing that is clearly illustrated here is that this is a way above median price neighborhood for San Diego County and looking at San Diego County right now, the median price detached is $1,075,000, Del Sur is $1.85 million, and Forest Ranch is $2,205,000, so way more expensive out here than it is for a median priced home in San Diego County. Now when we look at the percent of the percent of original list price to final closed sale price, we look at this all the time and it looks pretty much the same all the time. The spring of 2022 was where things were happening. Buyers were the most excited to bid way over asking price. Forest Ranch at 114 percent, Del Sur at 107.8 percent back in the spring of 2022, and the excitement has really never returned, although you do see this amazing jump up here in Forest Ranch. Something sold way over asking price last month in Forest Ranch. It was probably one property, maybe two, that did this because I think the actual trend line is going to get us a lot closer to where things are currently in Del Sur and in San Diego County, right around 98 percent. So let's look at market time and those are very similar for Del Sur and San Diego County, 30 days, 27 days, and then look at Forest Ranch here at 10 days. So the properties in Forest Ranch that are selling are selling very quickly on average and some are sitting. So that is what's going on currently in Forest Ranch and Del Sur. If you like this content, again, please remember to like, share, subscribe, and comment. We'll be back later this week with more great real estate information and Thursday you'll see San Diego Market Watch, so stay tuned for that. Until then, have a great week and I'll talk to you soon.