What’s My Del Mar Home Worth?
What Happened in the Del Mar Real Estate Market in June 2017?
Del Mar, a small coastal town in North San Diego County, is one of the most expensive communities. 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 so far 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 June 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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18 homes sold in Del Mar in June 2017, down 18% from last month, following several increases in sales. Here's a summary of the activity:
TOTAL HOMES SOLD
18 (down 18%) 47 Days on Market, Ave. Sales Price $1,907,004 (up 18%), Ave. sale 95% of asking price
Detached Homes Sold
16 (up 23%), 44 Days on Market, Ave. Sales Price $2,005,656 (down 2%), Ave. sale 94% of asking price,
Attached Homes Sold
2 (down 78%), 70 Days on Market, Ave. Sales Price $1,117,787 (up 16%), Ave. sale 100% of asking price
Overall sales volume for June decreased, with a few more detached home sales but significantly fewer attached. Average sale prices decreased slightly for detached home but increased for attached (note – there were only 2 attached sales and this increase was due to the sale of 1 home at over $1.8M with the other priced at $399K). Average marketing time decreased for detached homes modestly, but dropped slightly for attached homes.
The MEDIAN price for detached homes increased to $1,785,000 (down 14%), and to $1,117,787 (up 16%) for attached home sales in June.
Buyers were able to negotiate, on average, up to 6% off list price in June sales; however 28% of the homes sold at or above asking. 17% of the sales were cash transactions, compared to 45% in April.
In June there was 1 Del Mar home on the market with a Contingent status, the same house that was Contingent last month (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw no change in new listings in the Del Mar real estate market in June, at 35. The number of Del Mar homes going pending (excluding homes that sold), however, declined, to 16 (down 30%).
There were 103 Del Mar homes for sale at the end of June, an increase in inventory from last month by 21%, the 3rd increase. At the current rate of sales over a 6-month period, this represents an inventory of 7 months for detached homes (up from 6.5 months last month), and 3.8 months for attached properties, up from 2.6 months last month; the Del Mar housing market is a seller’s market for attached homes but remains a balanced one for buyers of detached homes.
As with any statistics, 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, or other trends, 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 May 2017
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