Solana Beach Homes for Sale - What Happened in the Solana Beach Real Estate Market in January 2014?

Solana Beach Homes for Sale - What Happened in the Solana Beach Real Estate Market in January 2014?

Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in the North San Diego County area.

As a buyer or seller in the Solana Beach real estate market, understanding recent trends and current market conditions is essential so you can make informed decisions about Solana Beach Homes for Sale; media reports focus on general market statistics and do not provide you with an accurate picture of the local Solana Beach real estate market.

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The following data are taken from the San Diego MLS for Solana Beach real estate (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time the report was published, but are not guaranteed.

In January 2014 there were 12 Solana Beach homes sold, 33% fewer than in December.

Sales volume in the Solana Beach real estate market for January dropped from December levels due to decreased single family detached home sales. Average sales prices shifted up for detached homes (this was in part due to the sale of a $3.05M home of the 4 sales) and for attached. We are still seeing negotiation in prices, on average 4 - 5%, with a few attached homes selling for over asking price (as much as 3%). 33% of the homes sold for cash, and there were no short sales, the same in both cases as last month.

The MEDIAN sales price of a detached home was $1,146,250 (down 4% from last month), and $732,000 (up 38%) for attached. Given the small number of sales one cannot draw any firm conclusions about pricing trends over a 1-month period.

At the end of January 2014 there were 36 Solana Beach homes for sale, 16% fewer than last month, another decline, but likely due to the time of year. There are no “contingent” listings (short sale or REO homes with offers being reviewed by lenders and considered active). This represents an inventory of 2.8 months for attached homes (up from 2.7 months last month) and 1.4 months for detached (down from 1.9 months in December) based on the current rate of sales over the last 6 months. Housing remains very competitive for buyers in Solana Beach, and favors sellers especially for detached homes/condos.

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 How Important is Inventory when Buying or Selling? Very!!

In January more than twice as many homes came into the Solana Beach real estate market, up to 24 (up 125%) from last month's new listings; the number of pending homes also increased, but only by 2 with 17 homes going pending in January 2014 (up 13%).

This overview of the Solana Beach real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in January. More details can be provided if needed with regard to current activity as well.

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