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 February 2017 there were 8 Solana Beach homes sold, down 38% from January.
TOTAL HOMES SOLD
8 (down 38%), 14 Days on Market, Ave. Sales Price $1,105,199 (down 12%), Ave. sale 99% of asking price,
Detached Homes Sold
3 (down 25%), 7 Days on Market, Ave. Sales Price $1,450,000 (down 32%), Ave. sale 99% of asking price
Attached Homes Sold,
5 (down 44%), 18 Days on Market, Ave. Sales Price $898,319 (up 4%), Ave. sale 99% of asking price
Sales volume in the Solana Beach housing market for February dropped dramatically by 38% from January. Average sales prices dropped for detached homes but increased modestly for attached. We are still seeing negotiation in prices, on average 1%, however 38% of the homes sold for asking price or better. 38% of the homes sold for cash, compared to 31% last month. Keep in mind that these statistics are based on a fairly small volume of sales.
The MEDIAN sales price of a detached home was $1,450,000 (down 3%), and $705,000 (down 19%) 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 February 2017 there were 37 homes for sale in Solana Beach, a small but welcome inventory increase of 6% from last month, more good news for buyers following several declines. 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 as in January. This represents an inventory of 2.3 months for attached homes (up from 2 months last month) and 3.1 months for detached (up from 2.7 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 both detached and attached homes.
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How Important is Inventory when Buying or Selling? Very!!
In February 26 new listings hit the Solana Beach real estate market, up 13% from January; the number of homes going pending also increased, to 16, up 60% from last month.
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 February. 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 January 2017
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