Del Sur Facts and Figures
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Spring 2024
- Two noteworthy neighborhood factors affecting pricing at 2 Del Sur communities:
Skye is undergoing a lawsuit with the builder & HOA, which has affected prices at that particular complex. The buyer pool is limited to cash buyers and those who can put 35% down and pay a higher interest rate with a lender who will finance there.
The 55+ community of Avante is competing with the Junipers 55+ community in Rancho Penasquitos. That development is building 455 new construction 55+ homes.
- The average PPSF for detached homes dropped 2% in June to $791 and 5% in July to $748, compared to May’s average of $810.
The highest PPSF sold was a Brookfield Sentinel. It sold for $988/SF in July after 6 DOM.
The lowest PPSF sold was a Kensington. It sold for $609/SF in July after 37 DOM.
- May also had fewer days on market (DOM) due to the seasonality described above. May clocked in at 11 DOM compared to June, which more than doubled to 25 days, and July, which more than quadrupled to 46 days on average! “Attached” homes dragged down the overall average in July, as per the comments above.
- The average DOM for attached homes was 51. The 55+ sale also dragged down the average, since it took 141 days to sell.
- May & July each had had 8 closings, with June coming in at 12 total.
What does it all mean?
This 2024 market has been very interesting. There are homes that just sit there and have price cut after price cut, and then there are homes that fly off the market with multiple offers. Why? Different price points always have differing levels of demand. However, in Del Sur, this isn’t the case. The median DOM for all homes from May-July was 11 days, with a median price of $2.3M. Homes that took longer than 11 days to sell had a median price of $1.95M! Both median age groups are built in 2013, so the age of homes is not a factor. Our suspicion is the showing condition of the homes heavily influences price. Homes that are outdated/not recently upgraded will do much worse than homes that have been renovated. This has always been the case, but now that buyers are shelling out millions of dollars, they expect turn key quality.
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