Solana Beach Homes for Sale
What Happened in the Solana Beach Real Estate Market in October 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 October 2014 there were 16 Solana Beach homes sold, 11% fewer than in September.
|
TOTAL |
DETACHED |
ATTACHED |
# Sold |
16 (down 11%) |
7 (no change) |
9 (down 18%) |
Average $ |
$1,235,938 (up 7%) |
$1,570,571 (down 16%) |
$975,667 (up 39%) |
Days on Market |
35 |
51 |
22 |
Sale Price/List Price |
96% |
94% |
97% |
Sales volume in the Solana Beach housing market for October dropped for attached home sales but stayed the same for detached as it did last month. Average sales prices shifted upwards for attached homes significantly, but declined for detached homes. We are still seeing negotiation in prices, on average 3 - 6%, and 44% of the homes sold for cash (the same as last month).
The MEDIAN sales price of a detached home was $1,069,000 (down 43% from last month), and $735,000 (up 10%) 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 October 2014 there were 51 homes for sale in Solana Beach, down by 9% from last month. There were 2 contingent listings (short sale or REO homes with offers being reviewed by lenders and considered active) that are included in the Active statistics. This represents an inventory of 1.6 months for attached homes (down from 2 months last month) and 4.3 months for detached (down from 5.4 months in September) based on the current rate of sales over the last 6 months. Housing remains very competitive for buyers in Solana Beach, and is a strong sellers’ market for attached homes but remains a seller’s market for detached homes.
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How Important is Inventory when Buying or Selling? Very!!
In October we only saw 11 homes come into the Solana Beach real estate market, a huge decline of 66% from last month’s new listings; in contrast the number of pending homes shifted up slightly, by 1, to 15 (up 7%).
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 October. More details can be provided if needed with regard to current activity as well.
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