What’s My Del Mar Home Worth? Del Mar Real Estate Market March 2015?

What’s My Del Mar Home Worth?

What Happened in the Del Mar Real Estate Market in March 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 2 of the most expensive homes for sale in San Diego County (1 at $33.5M – on the market for 7+ years, and a newer listing at $39,500,000), 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 March 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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15 homes sold in Del Mar in March 2015, down 1 (6%) from last month, another decline. Here's a summary of the activity: 

Sales volume for March declined slightly, with increase in sales of attached homes compared to last month, and a decline in detached home sales. Average sale prices also increased for detached homes (in part due to the sale of 3 homes over $2.5M with 1 at $5.45M) and even more significantly for attached homes. Average days on market declined across the board.

The MEDIAN price for detached homes was $1,465,000 (down 2%), and $767,500 (up 83%) for attached home sales in March.

Buyers were able to negotiate, on average, 4 - 6% off list price in March sales; with some homes selling for more than asking price. 47% were cash transactions compared to 19% in February.

In March, there were no Del Mar homes on the market with a Contingent status (i.e., homes with offers being reviewed by short sale and REO lenders). 

27 homes entered the Del Mar real estate market in March, down 7%. The number of Del Mar homes going pending (excluding homes that sold), however, increased dramatically, from 15 to 33 (up 120%).

There were 73 Del Mar homes for sale at the end of March, 4 fewer than in February (down 5%). At the current rate of sales over a 6-month period, this represents an inventory of 4.9 months for detached homes (up from 4 months last month), and 2.2 months for attached properties, up from 1.8 months in February; the Del Mar housing market remains one that favors sellers of detached homes, and remains 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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