What’s the Value of My Del Mar Home?
Del Mar Home Sales in January 2018
Del Mar, a small coastal town in North San Diego County, is one of the priciest communities. Del Mar currently has one of the more 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 January 2018 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
21 homes sold in Del Mar in January 2018, a decrease of 9% from last month, following 3 consecutive increases in sales. Here's a summary of the activity:
TOTAL HOMES SOLD
21 (down 9 %) 44 Days on Market, Ave. Sales Price $1,911,666 (down 13%), Ave. sale 96% of asking price
Detached Homes Sold
17 (up 21%), 52 Days on Market, Ave. Sales Price $2,020,882 (down 24%), Ave. sale 94% of asking price
Attached Homes Sold
4 (down 43%), 9 Days on Market, Ave. Sales Price $1,447,500 (up 27%), Ave. sale 97% of asking price
Overall sales volume for January decreased modestly, but with an increase in detached homes sales but a decline for attached home sales. Average sale prices decreased for detached homes in part due to the sale of more expensive homes sold in December that raised the average (4 homes sold for over $4M). Average marketing time decreased signicantly for attached homes, but increased for detached.
The median price for detached homes decreased to $1,895,000 (down 15%), but increased to $1,425,000 (up 45%) for attached home sales in January as compared to last month.
Buyers were able to negotiate, on average, 3 - 6% off list price in January sales; 1 home sold at asking price. 24% of the sales were cash transactions, compared to 44% in December.
In January there were 3 Del Mar homes on the market with a Contingent status, versus 0 in each of the last 4 months (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw an increase in new listings in the Del Mar real estate market in January, at 40 (up 54%). The number of Del Mar homes going pending (excluding homes that sold), also increased to 20 (18%).
There were 72 Del Mar homes for sale at the end of January, up 14% from last month, following several inventory declines. At the current rate of sales over a 3-month period, this represents an inventory of 3.4 months for detached homes (up from 3.3 months last month), and 3.2 months for attached properties, up from 2.5 months last month; the Del Mar housing market is a seller’s market for detached homes, and an even stronger seller’s market for attached 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, 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.