Del Mar Homes for Sale - What Happened in the Del Mar Real Estate Market in June 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 $39.9M), and still holds the record for the most expensive property sold (at about $48,000,000).
READ MORE: Del Mar California - An Affluent Seaside Town Where the Turf Meets the Surf
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 June 2012 (the data are believed accurate but are not guaranteed, and do not include private sales).
22 homes sold in the Del Mar real estate market in June 2012, a 24% decrease from May sales which had jumped dramatically over April sales. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
22 (down 24%) |
19 (no change) |
3 (down 70%) |
|
Average Price |
$2,122,871 (up 107%) |
$2,334,692 (up 91%) |
$781,333 (up 27%) |
|
Days on Market |
137 |
143 |
58 |
|
Sale Price/List Price Ratio |
93% |
93% |
96% |
Overall sales volume declined from May following 2 months of increases; 41% of the transactions were cash. Average sale prices rose significantly, especially for detached homes (largely due to the fact that 1 detached home sold at $16.25 million cash, the most expensive public sale in San Diego in over 2 years),. Buyers were able to negotiate, on average, 3 - 4% off list prices.
There were 4 Del Mar homes on the market at the end of June 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.
38 homes entered the Del Mar real estate market in June, 4 more than in May. 14 Del Mar homes went pending in June, 22% fewer than in May.
There were 131 Del Mar homes for sale at the end of June, just 1 less than in May; unlike some North San Diego County communities the Del Mar inventory has been pretty stable for several months. At the current rate of sales over a 6-month period, this represents an inventory of 7.8 months for detached homes (down from 8.5 last month), and 4.5 months for attached properties, down from 5.3 months in May, indicating a further tightening of the market, especially for attached homes in Del Mar.
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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