What’s the Value of My Del Mar Home?
Del Mar is a small coastal town in North San Diego County and one of the most expensive communities in the county. Indeed, Del Mar currently has the most expensive home for sale on the public market (there is a home in Rancho Santa Fe for $92M but it’s not on the MLS) in San Diego County ($49M – on the market for 8+ years with several price changes, now PENDING!!), 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 June 2016 (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)
23 homes sold in Del Mar in June 2016, down 8% from last month. Here's a summary of the activity:
TOTAL HOMES SOLD
23 (down 4%) 29 Days on Market, Ave. Sales Price $2,242,848 (up 34%), Ave. sale 95% of asking price
Detached Homes Sold
16 (no change), 31 Days on Market, Ave. Sales Price $2,901,555 (up 30%), Ave. sale 94% of asking price
Attached Homes Sold
7 (down 22%), 24 Days on Market, Ave. Sales Price $737,222 (down 8%), Ave. sale 96% of asking price
Sales volume for June dropped modestly for attached homes but remained the same for detached homes. Average sale prices increased substantially for detached homes – this was due to the sale of 5 homes over $3M with 1 at $5.3M and 1 at $10.5M which raised the average. In contrast, average prices dropped for attached homes. Average marketing time declined to around a month across the board.
The MEDIAN price for detached homes was $2,250,000 (up 28%), and $585,000 (down 13%) for attached home sales in June.
Buyers were able to negotiate, on average, 4 - 6% off list price in June sales; 4 of the homes (17%) sold at or above asking price. 39% were cash transactions, compared to 46% last month.
In June there was 1 Del Mar home on the market with a Contingent status, the same as last month (i.e., homes with offers being reviewed by short sale and REO lenders).
25 homes entered the Del Mar real estate market in June, down 32% from May. The number of Del Mar homes going pending (excluding homes that sold) also decreased, by 54%, from 28 to 13.
There were 81 Del Mar homes for sale at the end of June, just 1 less than in May. At the current rate of sales over a 6-month period, this represents an inventory of 4.8 months for detached homes (down from 5.4 months last month), and 1.6 months for attached properties, up from 1.5 months last month; the Del Mar housing market is a strong seller’s market for attached homes and a seller’s market for detached.
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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.
Search for Del Mar Homes for Sale
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What’s my Del Mar Home Worth? Del Mar Real Estate Market Report May 2016
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