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 and now pending), 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 May 2017 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
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Del Mar – Affluent Seaside Town (A Community Profile)
22 homes sold in Del Mar in May 2017, up 16% from last month, another increase. Here's a summary of the activity:
TOTAL HOMES SOLD
22 (up 16%) 50 Days on Market, Ave. Sales Price $1,609,449 (down 30%), Ave. sale 92% of asking price
Detached Homes Sold
13 (down 13%), 34 Days on Market, Ave. Sales Price $2,053,876 (down 19%), Ave. sale 91% of asking price,
Attached Homes Sold
9 (up 125%), 73 Days on Market, Ave. Sales Price $967,500 (down 27%), Ave. sale 93% of asking price
Overall sales volume for May increased, but with fewer detached home sales but over twice as many attached. Average sale prices decreased substantially for detached homes (this was due, in large part, to the sale of 5 homes selling for over $3.5 million that had raised the average significantly last month); average prices also decreased for attached homes. Average marketing time decreased for detached but rose for attached homes.
The MEDIAN price for detached homes increased to $2,025,000 (down 6%), and to $967,500 (down 33%) for attached home sales in May.
Buyers were able to negotiate, on average, 1 - 8% off list price in May sales; however 14% of the homes sold at or above asking. 45% of the sales were cash transactions, compared to 32% in April.
In May there was 1 Del Mar home on the market with a Contingent status, versus 0 for the prior 2 months (i.e., these are typically homes with offers being reviewed by short sale and REO lenders).
We saw a decrease in new listings in the Del Mar real estate market in May, down 10% from April to 35. However, the number of Del Mar homes going pending (excluding homes that sold) rose, from 21 to 23 (up 10%).
There were 85 Del Mar homes for sale at the end of May, a modest increase in inventory from last month by 8%, the 2nd increase. At the current rate of sales over a 6-month period, this represents an inventory of 6.5 months for detached homes (the same as last month), and 2.6 months for attached properties, up from 2.5 months last month; the Del Mar housing market is a strong seller’s market for attached homes but remains a balanced one for buyers of detached homes.
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.
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What’s my Del Mar Home Worth? Del Mar Real Estate Market Report April 2017
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