Del Mar Homes for Sale
What Happened in the Del Mar Real Estate Market in November 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 November 2014 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private sales).
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Del Mar –Affluent Seaside Town (A Community Profile)
22 homes sold in Del Mar in November 2014, down 8% from last month. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
22 (down 8%) |
14 (down 7%) |
8 (down 11%) |
|
Average Price |
$1,891,045 (up 20%) |
$2,453,714 (up 16%) |
$906,375 (up 29%) |
|
Days on Market |
55 |
52 |
60 |
|
Sale Price/List Price Ratio |
93% |
94% |
93% |
Sales volume for November declined overall with fewer detached and attached homes sold compared to last month. In contrast average sale prices increased, for detached homes (in large part due to the sale of 3 homes over $2M, with 1 of them selling at $16M which raised the average substantially) as well as for attached homes. Average days on market also decreased for detached homes but increased for attached.
The MEDIAN price for detached homes was $1,274,000, and $971K for attached home sales in November.
Buyers were able to negotiate, on average, 6 - 7% off list price in November sales with a number of homes sold at or above asking price; 41% were cash transactions compared to 29% in October.
In November, there was 1 Del Mar home on the market with a Contingent status (i.e., homes with offers being reviewed by short sale and REO lenders, 1% 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.
14 homes entered the Del Mar real estate market in November, down 48% from last month (22). Similarly the number of Del Mar homes going pending (excluding homes that sold) decreased to 8 (down 67%).
There were 92 Del Mar homes for sale at the end of November, a decline by 13% in inventory from last month, another decline and a trend we are seeing in all North San Diego County communities at this time of year. At the current rate of sales over a 6-month period, this represents an inventory of 4.7 months for detached homes (down from 5.4 months last month), and 2.5 months for attached properties, down from 2.8 months in October; the Del Mar housing market remains one that favors sellers of detached homes, and is a strong sellers market attached homes (condos, town homes).
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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.
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Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in October 2014?
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