Del Mar Homes for Sale
What Happened in the Del Mar Real Estate Market in January 2015?
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 $33.5M – 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 January 2015 (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)
12 homes sold in Del Mar in January 2015, down 29% from last month, another decline. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
12 (down 29%) |
7 (down 50%) |
5 (up 67%) |
|
Average Price |
$1,294,583 (down 20%) |
$1,636,714 (down 9%) |
$815,600 (up 8%) |
|
Days on Market |
59 |
87 |
21 |
|
Sale Price/List Price Ratio |
92% |
92% |
91% |
Sales volume for January declined overall because of fewer detached homes sold compared to last month, but there were several more attached homes sold than in December. Average sale prices also declined for detached homes but increased for attached homes. Average days on market remained about the same.
The MEDIAN price for detached homes was $1,428,000 (down 9%), and $791,000 (up 28%) for attached home sales in January.
Buyers were able to negotiate, on average, 8 - 9% off list price in January sales; only 1 home sold at asking price. 33% were cash transactions compared to 12% in December.
In January, 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.
23 homes entered the Del Mar real estate market in January, almost twice as many as in December (up 92%). The number of Del Mar homes going pending (excluding homes that sold) also increased, to 14 (up 27%).
There were 74 Del Mar homes for sale at the end of January, about the same as last month (down 1 or 1%). At the current rate of sales over a 6-month period, this represents an inventory of 4.4 months for detached homes (up from 3.6 months last month), and 2 months for attached properties, up from 1.7 months in December; the Del Mar housing market remains one that favors sellers of detached homes, and is a strong sellers market for 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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