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 December 2016 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private sales).
13 homes sold in Del Mar in December 2016, down 19% from last month. Here's a summary of the activity:
TOTAL HOMES SOLD
13 (down 19%) 69 Days on Market, Ave. Sales Price $2,743,000 (up 12%), Ave. sale 92% of asking price
Detached Homes Sold
8 (down 27%), 90 Days on Market, Ave. Sales Price $3,791,875 (up 25%), Ave. sale 89% of asking price
Attached Homes Sold
5 (no change), 37 Days on Market, Ave. Sales Price $1,064,800 (down 17%), Ave. sale 97% of asking price
Sales volume for December decreased modestly for detached homes but did not change for attached. Average sale prices increased substantially for detached homes; this was, in part, due to the sale of 4 homes over $2M, with 1 selling for $18 million which raised the average substantially, as happened last month. Prices declined for attached homes on average. Average marketing time increased for both detached and attached homes.
The MEDIAN price for detached homes increased again, to $1,932,500 (up 5%), but declined to $910,000 (down 26%) for attached home sales in December.
Buyers were able to negotiate, on average, 3 - 11% off list price in December sales; 3 of the homes (23%) sold at or above asking price. Only 9% were cash transactions, compared to 31% last month.
In December there were 2 Del Mar homes 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).
10 homes entered the Del Mar real estate market in December, down 60% from November. The number of Del Mar homes going pending (excluding homes that sold) rose from 6 to 8 (up 33%).
There were 65 Del Mar homes for sale at the end of December, a decrease in inventory from last month by 16%. At the current rate of sales over a 6-month period, this represents an inventory of 4.3 months for detached homes (down from 4.4 months last month), and 2.7 months for attached properties, down from 3.5 months last month; the Del Mar housing market is a strong seller’s market for attached homes and a seller’s market for detached.
As with any statistic, 1 month of numbers does not establish a trend, so it’s 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 each month.