Here are the summary statistics from the MLS for Del Mar for November and December 2006.
Like other North County San Diego communities, Del Mar's housing inventory dropped during the month of December, down 24% from November (the holiday season was a likely contributor). The town, due to its small size, gorgoeus ocean views from many properties, and a charming downtown area, has tended to be one of the most expensive coastal towns for some time. Prices have escalated substantially and rival La Jolla (to the south) - up 15% in the last 2 years (a period of much correction) and a whopping 102% in the last 5 years.
If you have visited the area you probably understand why - the town is hilly and offers many homeowners a change for dramatic ocean views and sunsets...at a hefty price. While some homes are quite large, many are not, adn the town has restrictions in place to minimize how much larger homes can be made during remodeling, based on the lot size. Lot sizes tend to be small due to the topography and how the town has developed over the years.
Homes directly on the water range from about $6 million to over $22 million; there is currently a new home with multiple outbuildings and substantial beach frontage that is on the market for $50 million (no takers yet, and it's been 18 months). It is easy to spend $1.5 - $2 million for a smallish fixer beach cottage some distance from the water but with views.
AS OF NOV. 30, 2006 | ATTACHED HOMES | DETACHED HOMES |
Active | 57 | 93 |
Sold in Last 6 Months | 26 | 59 |
Sold/Pending In Last 6 months | 30 | 71 |
Absorption Rate (Solds) | 396 days | 284 days |
Absorption Rate (Solds Plus Pendings) | 342 days | 236 days |
Average Days on Market | 89 | 74 |
Median Price Change From 1 Year Ago | -4% | -2% |
Median Price | $650,000 | $1,670,000 |
% Chng. In MDN from prior month | 0% | -1% |
Average Price | $791,211 | $2,002,148 |
AS OF DEC. 31, 2006 | ATTACHED HOMES | DETACHED HOMES |
Active | 36 | 78 |
Sold in Last 6 Months | 23 | 59 |
Sold/Pending In Last 6 months | 30 | 71 |
Absorption Rate (Solds) | 282 days | 238 days |
Absorption Rate (Solds Plus Pendings) | 216 days | 198 days |
Average Days on Market | 93 | 78 |
Median Price Change From 1 Year Ago | 9% | -1% |
Median Price | $765,000 | $1,675,000 |
% Chgn. In MDN from prior month | 0% | -2% |
Average Price | $836,872 | $2,017,552 |
Don't hesitate to ask if I can answer any questions or provide additional information. If you are planning to relocate there is lots of information on my Relocation A to Z blog. Are you a first time buyer? Read more here.
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I would like to point out, although it may be obvious, that one should be cautious about drawing firm conclusions from summary data. The market can shift each month depending on the inventory that sells, especially at the high and low ends of the market. Trends over the long term will be most informative and reliable.
Don't hesitate to ask at any time if there are questions or you need more information.