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Del Mar, California Market Report – Zip 92014

By
Real Estate Agent with HomeSmart Realty West & Florida Realty Investments CA01938972, FL BK3090225

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.

Do you want to live in one of the best places on the southern California coast? We can help!

Call us and allow us to find a property for you. Allow our network to work for you in finding you your next home!

 

Posted by

Sandy Padula & Norm Padula, J.D., GRI
CA DRE#00902455 (Sandy)
Realtor®

HomeSmart Realty West

 

FL Bkr# 3090255 (Norm)
Broker-Associate

Florida Realty Investments

 

760.985.2055  Sandy
858.444.7060 & Norm

SDLuxHomes.com

PRESENCE ~ PERSISTENCE ~ PERSEVERANCE

 

 

 

Comments(14)

Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

The price per sq. ft. increase is staggering.  Good presentation of statistics with graphs to back them up.

Sep 15, 2014 07:53 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Norma Toering Thank you. I was just as surprised when I saw the data.

Sep 15, 2014 08:50 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sandy and Norm

The Del Mar California real estate continues to be strong.

Good luck and success.

Lou Ludwig

Sep 15, 2014 11:10 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sandy & Norm I love Del Mar and those who have never been once they see it will understand why the prices are so high....Endre

Sep 15, 2014 04:57 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the Del Mar, California real estate market update, Sandy and Norm.

Sep 15, 2014 09:57 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Wow, what a big increase in price per square foot. It is hard to believe and so far from our average per square foot prices.

Sep 15, 2014 10:10 PM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Lou Ludwig Pretty amazing numbers. Thanks. Lou!

Endre Barath, Jr. Thanks; you are correct.

Gabe Sanders Always welcome, Gabe; Thank you!

Debbie Reynolds No first time homebuyers in this zip code. Thanks Debbie!

Sep 16, 2014 12:04 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Norm, you have provided valuable information for any buyers or sellers thinking of making a change.   Our inventory is increasing slightly too. 

Sep 16, 2014 03:38 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Joan Cox Thanks Joan. The inventory levels vary widely within San Diego County zips. Have a great day!

Sep 16, 2014 03:52 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Sandy and Norm, those are hefty increases!  Prices do not vary that much here in the midwest.

Sep 17, 2014 01:18 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Sandy and Norm,

Even the price for sqft went up a bit, buyers still have a negotiation power.

Anyone who is looking for a nice house on the SoCal coast, should contact you to represent them immediately.

Sep 17, 2014 05:21 PM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Evelyn Johnston It's all about demand and supply! Thanks!

Inna Ivchenko It is still a strong Sellers' Market. Buyers have to pay the price when they find the right home. Thanks!

Sep 18, 2014 12:58 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Yes, of course, and just look at that beach! Stunning!

Sep 18, 2014 01:21 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Evelyn Johnston You bet, but the SHARKS!!!

 

Sep 18, 2014 12:10 PM