What’s the Value of my Solana Beach Home?
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 May 2016 there were 21 Solana Beach homes sold, up 75% from April.
TOTAL HOMES SOLD
21 (up 75%), 32 Days on Market, Ave. Sales Price $1,128,919 (down 2%), Ave. sale 95% of asking price,
Detached Homes Sold
7 (up 133%), 45 Days on Market, Ave. Sales Price $1,692,571 (down 21%), Ave. sale 94% of asking price
Attached Homes Sold,
14 (up 56%), 26 Days on Market, Ave. Sales Price $847,092 (up 3%), Ave. sale 95% of asking price
Sales volume in the Solana Beach housing market for May rose significantly from April across the board. Average sales prices dropped significantly for detached homes (in part due to the sale of 1 of 3 homes at $4.25M last month which had raised the average) but increased modestly for attached home sales. We are still seeing negotiation in prices, on average 5 - 6%; 7 homes (33%) sold for asking price or better. 43% of the homes sold for cash (compared to 17% as last month).
The MEDIAN sales price of a detached home was $1,220,000 (up 2% from last month), and $718,750 (down 5%) for attached. Given the relatively small number of sales one should not draw any firm conclusions about pricing trends over a 1-month period.
At the end of May 2016 there were 48 homes for sale in Solana Beach, a decline in inventory by 14% from last month. Once again there were no contingent listings (short sale or REO homes with offers being reviewed by lenders and considered active) as of the end of the month. This represents an inventory of only 2.4 months for attached homes (down from 3.1 months last month) and 3.4 months for detached (down from 3.7 months 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 homes, and a seller’s market for detached homes.
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How Important is Inventory when Buying or Selling? Very!!
In May 24 homes came on the Solana Beach real estate market, 31% fewer than last month; in contrast the number of homes going pending increased from 19 to 21 (up 11%).
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 May. More details can be provided if needed with regard to current activity as well.
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What’s my Solana Beach Home Worth? Solana Beach Market in April 2016
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