What’s my Solana Beach Home Worth?
What Happened in the Solana Beach Real Estate Market in August 2015?
Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in North San Diego County.
As a buyer or seller in the Solana Beach real estate market, understanding recent trends and current market conditions is essential so you can make informed decisions about Solana Beach Homes for Sale; media reports focus on general market statistics and do not provide you with an accurate picture of the local Solana Beach housing market.
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The following data are taken from the San Diego MLS for Solana Beach real estate (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time the report was published, but are not guaranteed.
In August 2015 there were 17 Solana Beach homes sold, down 17% from July, a trend we have seen in many other North San Diego County coastal communities for this time of year.
TOTAL HOMES SOLD
17 (down 29%), 25 Days on Market, Ave. Sales Price $1,167,558 (up 3%), Ave. sale 96% of asking price
Detached Homes Sold
10 (up 11%), 24 Days on Market, Ave. Sales Price $1,472,400 (down 14%), Ave. sale 98% of asking price
Attached Homes Sold,
7 (down 53%), 25 Days on Market, Ave. Sales Price $732,071 (down 8%), Ave. sale 94% of asking price
Sales volume in the Solana Beach housing market for August shifted down fairly significantly across the board, not a big surprise given the time of year. Average sales prices decreased for detached homes as well as for attached homes. We are still seeing negotiation in prices, on average 2 - 6%; 24% of the homes sold for cash (compared to 29% as last month).
The MEDIAN sales price of a detached home was $1,315,000 (down 26% from last month), and $565,500 (down 26%) for attached. Given the small number of sales one cannot draw any firm conclusions about pricing trends over a 1-month period.
At the end of August 2015 there were 52 homes for sale in Solana Beach, up 6%, a modest increase in new listings, and good news for buyers for the summer months. There was 1 contingent listings (short sale or REO homes with offers being reviewed by lenders and considered active) that is included in the Active statistics. This represents an inventory of 2.9 months for attached homes (up from 2.3 last month) and 2.5 months for detached (down from 2.8 last month) based on the current rate of sales over the last 6 months. Housing remains very competitive for buyers in Solana Beach, and is a strong sellers’ market for attached and detached homes.
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How Important is Inventory when Buying or Selling? Very!!
In August 24 homes came on the Solana Beach real estate market, a decline of 20% from July, and not really a surprise given the time of year; the number of pending homes also decreased to 12 (down 14%).
This overview of the Solana Beach real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in August. More details can be provided if needed with regard to current activity as well.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in July 2015
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