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

What’s My Del Mar Home Worth?

What Happened in the Del Mar Real Estate Market in April 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 April 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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27 homes sold in Del Mar in April 2015, up by 80% from last month, another decline. Here's a summary of the activity: 

Sales volume for April rose significantly, almost double the number of sales in March. Average sale prices decreased for detached homes (in part due to the sale of 3 homes over $2.5M with 1 at $5.45M last month that had raised that average) but increased for attached homes (5 homes selling for over $1M).

The MEDIAN price for detached homes was $1,700,000 (up 16%), and $1,093,000 (up 42%) for attached home sales in April.

Buyers were able to negotiate, on average, 4 - 7% off list price in April sales; with some homes selling for more than asking price. 37% were cash transactions compared to 47% in March.

In April, again 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). 

28 homes entered the Del Mar real estate market in April, 1 more than in March (up 4%). The number of Del Mar homes going pending (excluding homes that sold), however, decreased dramatically, from 33 to 16 (down 52%).

There were 73 Del Mar homes for sale at the end of April, the same as last month. At the current rate of sales over a 6-month period, this represents an inventory of 2.7 months for detached homes (down from 4.9 months last month), and 2.6 months for attached properties, up from 2.2 months in March; the Del Mar housing market is a strong seller’s market for both detached and attached 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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What’s my Del Mar Home Worth? Del Mar Real Estate Market Report for March 2015