What’s My Del Mar Home Worth?
What Happened in the Del Mar Real Estate Market in August 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 August 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)
18 homes sold in Del Mar in August 2015, up 13% from last month. Here's a summary of the activity:
TOTAL HOMES SOLD
18 (up 13%), 32 Days on Market, Ave. Sales Price $1,640,564 (up 22%), Ave. sale 94% of asking price
Detached Homes Sold
14 (up 40%), 35 Days on Market, Ave. Sales Price $1,893,741 (up 18%), Ave. sale 93% of asking price
Attached Homes Sold,
4 (down 33%), 21 Days on Market, Ave. Sales Price $754,444 (down 19%), Ave. sale 97% of asking price
Sales volume for August increased for detached homes but declined for attached. Average sale prices increased for detached homes (in part due to the sale of 2 homes over $3M, and all homes selling for over $1M that raised the average) and decreased for attached homes (in part due to the sale of a $2.4 million condo last month that had significantly elevated the average).
The MEDIAN price for detached homes was $1,637,500 (up 16%), and $401,888 (down 46%) for attached home sales in August.
Buyers were able to negotiate, on average, 3 - 7% off list price in August sales; with some homes selling for more than asking price. 44% were cash transactions compared to 38% in July.
In August 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).
32 homes entered the Del Mar real estate market in August, just slightly more than last month (30), up 7%. The number of Del Mar homes going pending (excluding homes that sold), went down by 1, from 19 to 18.
There were 75 Del Mar homes for sale at the end of August, a drop of 5% from last month. At the current rate of sales over a 6-month period, this represents an inventory of 4.1 months for detached homes (down from 4.2 months last month), and 1.7 months for attached properties, down from 1.8 months in July; 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 the Del Mar housing market 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 July 2015
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