Del Mar Homes for Sale - What Happened in the Del Mar Real Estate Market in February 2012?
Del Mar is a small coastal town in North San Diego County and one of the most expensive towns in the county. Indeed, the Del Mar real estate market currently has the most expensive home for sale in San Diego County (at $61M), and still holds the record for the most expensive property sold (at about $48,000,000).
READ MORE: Del Mar - Affluent Seaside Town (A Community Profile)
Up to date information on the local Del Mar real estate market is important for buyers and sellers to make informed decisions about buying and selling Del Mar homes. Here are the statistics obtained from the MLS for Del Mar for February 2012 (the data are believed accurate but are not guaranteed, and do not include private sales).
11 homes sold in the Del Mar real estate market in February 2012, 2 fewer (down 15%) than in January. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
11 (down 15%) |
10 (up 25%) |
1 (down 80%) |
|
Average Price |
$1,369,159 (down 15%) |
$1,433,175 (down 34%) |
$729,000 (up 46%) |
|
Days on Market |
131 |
140 |
39 |
|
Sale Price/List Price Ratio |
96% |
95% |
97% |
Overall sales volume declined from January sales although only by 2 homes. Average sale prices of detached homes declined substantially, but in part due to the fact that 2 homes last month sold for over $4 million bringing up the average. Buyers are able to negotiate, on average, 3 to 5% off list prices.
There were 7 Del Mar homes on the market at the end of February 2012 with a Contingent status (i.e., homes with offers being reviewed by short sale and REO lenders, 3% of the total number of homes for sale). These are included in the overall Active statistics below.
29 homes entered the Del Mar real estate market in February, 34% fewer than new listings in January. 10 Del Mar homes went pending in February, the same as last month.
There were 144 Del Mar homes for sale at the end of February, an upward shift by 4% from January, the 2nd month of inventory increase following 4 months of inventory decline. At the current rate of sales over a 6-month period, this represents an inventory of 10.1 months for detached homes (up from 9 last month), and 8.6 months for attached properties, down from 9 months in January.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
As with any statistic, 1 month of numbers does not establish a trend, so it is important to watch what has been happening over a period of time. One should not draw any firm conclusions regarding pricing because of the extremes in the Del Mar real estate market, as well as the fairly small number of sales.
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READ MORE:
Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in January 2012?
Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in December 2011?
Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in November 2011?
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