Del Mar Homes for Sale
What Happened in the Del Mar Real Estate Market in October 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 October 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)
29 homes sold in Del Mar in October 2014, up 9% from last month. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
24 (up 9%) |
15 (down 6%) |
9 (up 13%) |
|
Average Price |
$1,582,081 (up 2%) |
$2,110,997 (up 11%) |
$700,556 (up 13 |
|
Days on Market |
74 |
94 |
40 |
|
Sale Price/List Price Ratio |
92% |
92% |
93% |
Sales volume for October rose overall, with fewer detached homes sold but more attached home sales compared to last month. Average sale prices increased for detached homes (in large part due to the sale of 6 homes over $2M, with 1 of them selling at $6M) as well as for attached homes. The average days on market also increased.
Buyers were able to negotiate, on average, 7 - 8% off list price in October sales with a number of homes sold near or at asking (1 sold at list price); 29% were cash transactions compared to 45% in September.
In October, 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, 2% 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). This is included in the overall Active statistics below.
27 homes entered the Del Mar real estate market in October, down 29% from last month (38). In contrast the number of Del Mar homes going pending (excluding homes that sold) increased to 24 (up 20%).
There were 106 Del Mar homes for sale at the end of October, a decline by 10% in inventory from last month. At the current rate of sales over a 6-month period, this represents an inventory of 5.4 months for detached homes (down from 5.5 months last month), and 2.8 months for attached properties, down from 4 months in September; the Del Mar housing market remains one that favors sellers of detached homes, and is a strong sellers market 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 September 2014?
Comments(4)