Long considered one of the ‘Crown Jewels’ of the Southern California Beach town scene is Del Mar. Offering not just great surfing and Pacific Coast 101 boutiques and bistros, but also the cultural scene and it’s close proximity to La Jolla. The one San Diego Beachside community that many would love to claim as their address, but few can afford. At Del Mar, there is much to see and do all year long. From the famous Del Mar Horsetrack for thoroughbred horse racing, to the month-long San Diego County Fair site; the entire family will fall in love with Del Mar.
The single family detached structure sales numbers for last August 2013 as compared with the sales numbers for recently past August 2014 as compiled from the Sandicor MLS, indicate the following:
- · The median sales price of SFR properties for 8-2013 was $1.5M vs. $1.960M on 8-2014. This represents an increase over last August of nearly 31%!
- · The percentage of listing price captured has decreased from 96.8% to 91.8%.
- · The average price per square foot has increased a staggering 88.5% from $600/SF in August 2013 to $1131 for August 2014!
- · The number of months’ inventory has remained very close to the same slightly increasing from 5.8 in 2013 to 6.2 for this year.
- · The Active Listings has increased slightly from 90 in 2013 to 100 in 2014.
From these numbers, I conclude the following: Sellers have been over-pricing their homes in Del Mar and are realizing this by allowing a greater reduction of the contract prices. The inventory has remained very close to the same, which leads me to speculate that process will continue to climb, even if the sellers are forced to adjust the final sales price. We will not see any price drop, since Del Mar, for all intents and purposes is a climax community. In other words, there are very few, if any available building sites. As prices continue to climb, we will see buyers of homes razing their purchases, only to construct more opulent digs, thus further driving the prices and home values upwards.
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