What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for August 2017
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.
Understanding recent trends and current market conditions is essential so you can make informed decisions about buying or selling Solana Beach Homes for Sale.
READ MORE about the Solana Beach Community:
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 August 2017 there were 19 Solana Beach homes sold, a decrease of 20% from the number of sales in July.
TOTAL HOMES SOLD
19 (down 20%), 52 Days on Market, Ave. Sales Price $1,778,336 (up 22%), Ave. sale 93% of asking price,
Detached Homes Sold
12 (down 8%), 56 Days on Market, Ave. Sales Price $2,095,074 (up 23%), Ave. sale 91% of asking price
Attached Homes Sold
7 (down 36%), 44 Days on Market, Ave. Sales Price $1,172,581 (up 28%), Ave. sale 95% of asking price
Overall sales volume in the Solana Beach housing market for August decreased significantly from July. Average sales prices increased for detached homes (in part due to the sale of 3 homes over $2M with one at $9.5M) and for attached (in part due to the sale of 1 property at $2.25M). We are still seeing negotiation in prices, on average 5 - 9%, however 21% of the homes sold for asking price or better. 63% of the homes sold for cash, compared to 42% last month.
The MEDIAN sales price of a detached home was $1,510,000 (up 1%), and $1,025,000 (up 8%) for attached. Given the number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of August 2017 there were 35 homes for sale in Solana Beach, an increase of 9%, following 2 months of declining inventory earlier this summer. There were no contingent listings (typically short sale or REO homes with offers being reviewed by lenders and considered active). This represents an inventory of 1.9 months for attached homes (up from 1.1 months last month) and 1.2 months for detached (down from 2.2 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 very strong sellers’ market for both detached and attached homes.
In August 29 new listings hit the Solana Beach real estate market, about 26% more than in July; similarly, the number of homes going pending increased to 26 (up 100%) 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 1 or 2 months and closed in August. Please give me a call at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have about the market and how it affects your buying and selling needs and plans.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in July 2017
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