What’s My Del Mar Home Worth?
What Happened in the Del Mar Real Estate Market in July 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 the most expensive home for sale in San Diego County ($49M – on the market for 7+ years with several price changes), 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 July 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)
16 homes sold in Del Mar in July 2015, down 43% from last month. Here's a summary of the activity:
|
Total |
Detached |
Attached |
# Sold |
16 (down 43%) |
10 (down 50%) |
6 (down 20%) |
Average Price |
$1,349,043 (down 30%) |
$1,601,400 (down 31%) |
$928,450 (up 6%) |
Days on Market |
48 |
62 |
25 |
Sale Price/List Price Ratio |
95% |
93% |
87% |
Sales volume for July declined across the board, especially for detached homes. Average sale prices decreased for detached homes (in part due to the sale of 4 homes last month over $3M with 1 at $6M that had raised the average) and increased for attached homes (in part due to the sale of a $2.4 million condo).
The MEDIAN price for detached homes was $1,407,500 (down 29%), and $742,850 (up 4%) for attached home sales in July.
Buyers were able to negotiate, on average, 2 - 7% off list price in July sales; with some homes selling for more than asking price. 38% were cash transactions compared to 36% in June.
In July 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).
30 homes entered the Del Mar real estate market in July, just slightly fewer than last month (31) The number of Del Mar homes going pending (excluding homes that sold), went up by 1, from 18 to 19.
There were 75 Del Mar homes for sale at the end of July, a drop of 5% from last month. At the current rate of sales over a 6-month period, this represents an inventory of 4.2 months for detached homes (down from 4.4 months last month), and 1.8 months for attached properties, down from 2.2 months in June; 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 sales prices 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 June 2015
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