The 92128 zip code is probably the most diverse market in the metro inland area of San Diego. It is home to two age-restricted neighborhoods located in Rancho Bernardo, along with a healthy attached and detached market for all price ranges from $134,000 all the way up to $1,450,000.
There are currently 96 active detached listings and 74 attached listings in the 92128 zip code of San Diego. The lowest price listing is going for $134,000 which is a one bedroom condominium. Just for comparison sake, the highest priced listing is a detached home priced in a range from $1,350,000 to $1,450,000 and it boasts 5 bedrooms and 5 bathrooms. The average active attached listing price is priced at $270,369, with attached properties spending an average of 73 days on the market. The average active detached listing price is priced at $636,370 with detached properties spending an average of 75 days on the market.
On the bright side, 39 attached homes and 47 detached homes are in pending status. There are 59 attached properties in contingent status, and only 19 detached properties in contingent status. There are 6 attached homes and 3 detached homes that have sold in the last 30 days.
The 92128 market continues to be a very popular area of San Diego to reside in. It also includes great golfing at the following golf courses:
Carmel Mountain Ranch Country Club
Country Club of Rancho Bernardo
The 92129 zip code is located in the Northwest metro area of San Diego, California and until the early 2000's, it was considered to be Rancho Penasquitos, but has since added many newer neighborhoods in the Torrey Highlands area. The community is also home to 2 high schools within the award winning Poway school district and those are the well-established Mount Carmel High School as well as, the newer Westview High school.
There are currently 69 active listings in the 92129 zip code area, and it can no longer be referred to as just the Rancho Penasquitos area, as a portion of the larger detached market is located in the Torrey Highlands area. Of those 69 active listings, 12 of these homes feature swimming pools, 16 are single-level homes, and 12 of those actives are short sales. So, in raw numbers, that means 17% of this market are short sales at this time. That may sound like a large number, but compared to last year, it's quite a drop in the distressed category, considering there are 57 homes that are not waiting for the seller's lender's approval and will most likely close faster once they get under contract.
On another note, 42 homes are in pending status and they range from $400,000 up to $892,300. Pending homes are a good indicator of movement in the market and what is actually "selling" since they are all in escrow getting processed. There are 27 properties in contingent status, ranging from $410,000 up to $999,000 (which is a good sign that the contingent number of the market is now lower than the pending number of homes, since last year it was the other way around). Of the 69 active listings 41 of those homes are over 2000 square feet, and most likely above the median average of the rest of San Diego.
Still, in the last 30 days, only one home was in "sold" status, so the processing of sales are still very slow. Look for it to pick up as the weather warms and the height of the moving season peaks. The 92129 market in January had about a 5 month supply of inventory which actually hit a 12 month low.
Since the Rancho Penasquitos and Torrey Highlands area hosts secondary schools with high ratings, it has always been in high demand for many families. It’s still a very desirable area for many because it tends to have the ocean breeze, but also gets a fair amount of sunny weather. Many residents have lived here a lifetime and love to call it "home".
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92129 Detached Market Update 2012, San Diego, California
Rancho Penasquitos is located in the North inland area of San Diego, California. The 92129 zip code area is home to the Los Penasquitos Canyon Preserve which has many walking trails that cover 4,000 acres, an area that also includes Lopez Canyon. It is called home for roughly 52,000 residents and is conveniently located right next to Ted Williams Parkway (hwy 56), which can take most I-15 commuters right over to the coast and the Del Mar beach area, as well as the Del Mar Fairgrounds.
More Overview for the Rancho Penasquitos Community
There are currently 18 active attached listings in the Rancho Penasquitos community. The listing with the highest days on the market belongs to an attached home with 210 days on the market boasting 840 square feet, and going for $149,000. Attached homes in this neighborhood are currently listed at an average price per square foot of $222. According to their sold prices, the average price is at $203,991, with properties spending an average of 129 days on the market when combining distressed and traditional home sales.
On the bright side, 20 homes are in pending status. There are 24 properties in contingent status, (which means the short sale inventory waiting for approval, in this area is still relatively high). Still, this market is in relatively strong demand, because many homebuyers love the location in relation to the short drive over to the coast and some people prefer the cooler breezes than the warmth found on the East side of the I-15 in Poway. Rancho Penasquitos is still considered part of the award-winning Poway School district, too. Since the Rancho Penasquitos area is also home to Westview High School, one of the newer schools in the PUSD, it’s still going to be in high demand for families with high school students wanting a progressive curriculum.
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Rancho Penasquitos Attached Market Report 2012 San Diego, California
Seven Oaks is an age-restricted neighborhood located in Rancho Bernardo, which is in the Northern metro area of San Diego, California. The age restriction is for residents who are at least 55 years of age, so one might call it a senior community. There are many activities, such as Ladies’ Bridge, RB Travelers, Hikes, a Garden club, and the Red Hatters club, which keep residents that live there quite busy; the community also has a clubhouse and a swimming pool. The area is well maintained and nicely located, as it is near the Von’s shopping center, even some streets within walking distance.
There are currently 14 active listings in the Seven Oaks neighborhood, it’s also located in the 92128 zip code of San Diego. The listing with the highest days on the market belongs to an attached home with 327 days on the market boasting 962 square feet, and going for $182,000. Just for comparison sake, homes in this neighborhood when blending detached and attached homes have an average price per square foot of $214, according to their listing prices. The average price is at $296,486, with properties spending an average of 63 days on the market when combining attached and detached homes.
On the bright side, 11 homes are in pending status. There are no properties in contingent status, (which means the short sale inventory in this area may be lower than others because of the nature of the type of property that exist here). Many seniors put a fair amount of cash down when purchasing their home at this stage in their lives.
For those sitting on the fence, and waiting for this market to go down even further, they have another thing coming. This market is in relatively strong demand, because many homebuyers in this age group are looking for single level homes that are modestly priced. We have a high demand for this area, since the early baby boomer generation has been retiring for the last 4 years, if they started to do that when they turned 62. Most likely, this demand will grow in the next 15 years as more baby boomers move to San Diego and seek out senior communities.
As for the entry-level market (condominiums in this area priced under $250,000), there are only 4 attached homes available currently. Since the Rancho Bernardo area has always been in high demand, it’s still going to be a challenge to find a home for everyone who wants to retire in San Diego, since people like living where the weather is mild, and the activities are plentiful. Home prices in this area should hold steady, if not be rising in this market, moving forward.
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Seven Oaks Market Update 2012 San Diego, California
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.
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