What’s the Value of My Del Mar Home?
Del Mar, a small coastal town in North San Diego County, is one of the most expensive communities. Indeed, Del Mar currently has one of the most expensive homes for sale on the public market in San Diego County ($49M – on the market for 8+ years with several price changes, that was pending but is now again active), and 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 helps buyers and sellers make informed decisions about Del Mar homes for sale. Here are the statistics obtained from the MLS for Del Mar for August 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)
17 homes sold in Del Mar in August 2016, one less (down 6%) than last month, the third consecutive decline in sales. Here's a summary of the activity:
TOTAL HOMES SOLD
17 (down 6%) 34 Days on Market, Ave. Sales Price $1,666,580 (up 19%), Ave. sale 95% of asking price
Detached Homes Sold
13 (up 8%), 43 Days on Market, Ave. Sales Price $1,975,307 (up 11%), Ave. sale 94% of asking price
Attached Homes Sold
4 (down 33%), 6 Days on Market, Ave. Sales Price $662,875 (down 10%), Ave. sale 99% of asking price
Sales volume for August dropped by 1/3 for attached homes but increased by 1 for detached homes. Average sale prices increased for detached homes – this was, in part, due to the sale of 4 homes over $2M, 1 at $4M and 1 at $4.25M which raised the average – but declined for attached. Average marketing time increased for detached homes but declined for attached.
The MEDIAN price for detached homes remained about the same at $1,480,000 (no change), but shifted up significantly to $605,000 (up 74%) for attached home sales in August – keep in mind there were only 4 sales.
Buyers were able to negotiate, on average, 1 - 6% off list price in August sales; 4 of the homes (24%) sold at or above asking price. 35% were cash transactions, compared to 17% last month.
In August there were 2 Del Mar homes on the market with a Contingent status, versus 1 last month (i.e., homes with offers being reviewed by short sale and REO lenders).
28 homes entered the Del Mar real estate market in August, 12% fewer than in July. The number of Del Mar homes going pending (excluding homes that sold) also decreased, by 61%, from 18 to 7.
There were 92 Del Mar homes for sale at the end of August, a nice increase in inventory by 10% from July. At the current rate of sales over a 6-month period, this represents an inventory of 4.8 months for detached homes (up from 4.5 months last month), and 2.7 months for attached properties, up from 2.2 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 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 July 2016
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