Del Mar Homes for Sale - What Happened in the Del Mar Real Estate Market in November 2013?
Del Mar is a small coastal town in North San Diego County and one of the most expensive communities in the county. Indeed, the Del Mar real estate market currently has the 2nd most expensive home for sale in San Diego County (at $33.9M – on the market for 6+ years), and still holds the record for the most expensive property sold (at about $48,000,000).
Up to date information on the local Del Mar real estate market is essential for buyers and sellers to make informed decisions about Del Mar homes for sale. Here are the statistics obtained from the MLS for Del Mar for November 2013 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private sales).
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15 homes sold in the Del Mar real estate market in November 2013, less than half the number sold in October. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
15 (down 52%) |
9 (down 57%) |
6 (down 40%) |
|
Average Price |
$1,132,752 (down 51%) |
$1,417,476 (down 53%) |
$705,666 (down 13%) |
|
Days on Market |
52 |
42 |
67 |
|
Sale Price/List Price Ratio |
96% |
94% (90-97%) |
98% (94-100%) |
Overall sales volume for November shifted down substantially across the board. Average sale prices also decreased dramatically for detached single family homes (due to the sale last month of 2 high end homes at $11,250,000 and $18,750,000 which raise the average last month significantly).
Buyers were able to negotiate, on average, 2 - 6% off list price in November sales with a number of homes sold near or at asking; 13% were cash transactions and again there were no short sales. The median detached home price was $1,165,000 (down 33%), and $632,00 (up 5%) for attached homes.
In November, there were Del Mar homes on the market 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 – know that some of these are no longer able to be shown or November not be accepting additional offer). These are included in the overall Active statistics below.
21 homes entered the Del Mar real estate market in November, a drop of 42%% from October. The number of Del Mar homes going pending (excluding homes that sold) also declined to 12 (down 20%).
There were 98 Del Mar homes for sale at the end of November, about the same as last month (up 2 or 2%). At the current rate of sales over a 6-month period, this represents an inventory of 4.2 months for detached homes (up from 3.8 months last month), and 2.4 months for attached properties, down from 2.5 months in September; the Del Mar real estate market remains one that favors sellers of both detached and attached homes.
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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 small number of sales.
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