About San Diego's Sorrento Valley

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.

Sorrento Valley Market Update February 2012

San Diego, CA, June 17, 2009.

Hello and Welcome to Sorrento Valley, San Diego California Homes for Sale, Foreclosures, Short Sales, REO's, and Real Estate.

At Four Seasons Realty we try to provide you with monthly updates of the recent sales activities per zip code along with the most recent Foreclosure data for the region, and for the state. When searching for Real Estate it is important to have a feel for what is going on in your current market and surrounding area. We try to make this easier for you by compiling the most recent information from several data sources.

Here are some important recent Sales statistics for the zip code of 92121 Sorrento Valley, San Diego, California.

Sorrento Valley, in the month of April 2009 according to Data Quick there were a total of 5 sales figuring new, resale, and condo combined for a median sales price of $689,000 for the area. This represents a 7.5% percent decrease in prices from April of 2008, making some potential great opportunities to be discovered in the area. To search all active listings, bank owned REO and short Sale listings in Sorrento Valley click here.

When looking at the most recent foreclosure data for the month of May 2009 for San Diego County, we find the following according to Foreclosure Radar: There were a total of 3,282 NOD's (Notice of Defaults, the first step of the Foreclosure process), there were a total of 3,294 NTS (Notice of Trustee Sale, the 2nd step), and there were 1,322 Sales at the auction (the 3rd step in the process). To learn more about Foreclosures in San Diego County click here.

When looking at California as a whole regarding Foreclosure activity we find the following according to Foreclosure Radar. Notice of defaults (first step in the foreclosure process) fell 4.2% from April to 40,870 filings. Year over year filings were down 3.1 percent from May of 2008.

Notice of Trustee Sale filings reached a new record level in May with 41,959 filings representing a 42% increase from April.

Foreclosures taken to sale at auction reached 17,871, which represented a 31.9 percent increase from the previous month, but still much lower than a year ago.

The majority of sales that go to the foreclosure auction are still taken back by the lender and go into REO status. REO status means (Real Estate Owned, by the bank or lender).

To search all active NOD's, NTS's, and Bank Owned REO properties for Sorrento Valley, San Diego as a whole, and the entire state of California click here.

We are one of the only Real Estate companies which attends the foreclosure auctions in person on a weekly basis. We represent many buyers at these auctions and would love to talk with you further if you are interested in Foreclosure properties. We also have a full service brokerage operation, so whether you are a buyer or a seller, we have the experience and know how to help you in your situation navigate through this challenging market.

To learn more about us in general please visit our website by clicking here.

We look forward to hearing from you.

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