Solana Beach Homes for Sale
What Happened in the Solana Beach Real Estate Market in May 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 housing 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 May 2014 there were 22 Solana Beach homes sold, 5% more than in April.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
22 (up 5%) |
5 (no change) |
17 (up 6%) |
|
Average $ |
$937,636 (down 8%) |
$1,380,000 (down 8%) |
$807,529 (down 7%) |
|
Days on Market |
37 |
46 |
34 |
|
Sale Price/List Price |
98% |
94% |
98% |
Sales volume in the Solana Beach housing market for May rose fairly significantly for attached home sales but did not change for detached homes. Average sales prices shifted down across the board. We are still seeing negotiation in prices, on average 2 - 6%. 27% of the homes sold for cash.
The MEDIAN sales price of a detached home was $1,550,000 (no change from last month), and $665,000 (down 12%) 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 May 2014 there were 61 homes for sale in Solana Beach, a pleasant bump up by 5% from last month. There were 2 “contingent” listings (short sale or REO homes with offers being reviewed by lenders and considered active). This represents an inventory of 2.4 months for attached homes (down from 3.1 months last month) and 5.3 months for detached (up from 4.4 months in April) 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 attached homes.
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How Important is Inventory when Buying or Selling? Very!!
In May we saw a few more homes come into the Solana Beach real estate market, 34 (up 10%), compared to last months’ new listings; the number of pending homes remained the same at 21 at it has for the last 2 months.
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 May. More details can be provided if needed with regard to current activity as well.
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READ MORE:
Solana Beach Homes for Sale – What Happened in the Solana Beach Real Estate Market in April 2014?
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