Del Mar Homes for Sale
What Happened in the Del Mar Real Estate Market in July 2014?
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 one of the most expensive homes for sale in San Diego County (at $33.9M – on the market for 7+ 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 housing 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 July 2014 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private sales).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
20 homes sold in Del Mar in July 2014, 23% fewer than the number sold in June. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
20 (down 23%) |
14 (down 22%) |
6 (down 25%) |
|
Average Price |
$1,430,200 (down 33%) |
$1,688,286 (down 38%) |
$828,000 (up 2%) |
|
Days on Market |
58 |
58 |
56 |
|
Sale Price/List Price Ratio |
94% |
93% |
96% |
Sales volume for July for detached single family homes overall fairly significantly. Average sale prices also decreased substantially detached home (in large part due to the sale of 3 homes over $4M with 1 of these selling at $14.5M last month that had raised the June average sale price significantly). Average days on market remained roughly the same.
Buyers were able to negotiate, on average, 4 - 7% off list price in July sales with a number of homes sold near or at asking and a few over list price; 15% were cash transactions compared to 31% in June.
In July, there were 2 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 may not be accepting additional offers). These are included in the overall Active statistics below.
44 homes entered the Del Mar real estate market in July, 13% more than last month (39). In contrast the number of Del Mar homes going pending (excluding homes that sold) decreased, but only slightly, to 17 (down 6%).
There were 121 Del Mar homes for sale at the end of July, a big jump in inventory, by 20%, from last month. At the current rate of sales over a 6-month period, this represents an inventory of 5.2 months for detached homes (up from 4.7 months last month), and 4.9 months for attached properties, up from 3.2 months in May; the Del Mar housing market remains one that favors sellers of detached homes but has eased a bit, and also favors sellers of attached homes (condos, town homes).
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 sale of Del Mar properties, as well as the overall modest number of home sales.
Search for Del Mar Homes for Sale
Search for Del Mar Beach Colony Homes for Sale
READ MORE:
Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in June 2014?
Comments(6)