What’s the Value of My Del Mar Home?
Del Mar Home Sales in February 2018
Del Mar, a small town in North San Diego County, is one of the more expensive coastal 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 publicly (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. These statistics were obtained from the MLS for Del Mar for February 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).
16 homes sold in Del Mar in February 2018, a decrease of 24% from last month, following a decline from December to January. Here's a summary of the activity:
TOTAL HOMES SOLD
16 (down 24%) 34 Days on Market, Ave. Sales Price $2,829,321 (up 48%), Ave. sale 96% of asking price
Detached Homes Sold
12 (down 29%), 40 Days on Market, Ave. Sales Price $3,441,520 (up 30%), Ave. sale 95% of asking price
Attached Homes Sold
4 (no change), 17 Days on Market, Ave. Sales Price $999,725 (down 31%), Ave. sale 99% of asking price
Overall sales volume for February decreased modestly, all due to a decrease in detached homes sales and no shift in attached home sales. Average sale prices increased significantly for detached homes in part due to the sale of an oceanfront home for $21,500,000. Average marketing time increased for attached homes but decreased for detached.
The median price for detached homes increased to $1,987,500 (up 5%), but decreased to $892,450 (down 37%) for attached home sales in February as compared to last month.
Buyers were able to negotiate, on average, 1 - 4% off list price in February sales; however, 5 homes (31%) sold at asking price or better. 31% of the sales were cash transactions, compared to 24% in January.
In February there were 3 Del Mar homes on the market with a Contingent status, the same as last month (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a slight drop in new listings in the Del Mar real estate market in February, from 40 to 38 (down 5%). The number of Del Mar homes going pending (excluding homes that sold) increased slightly by 1 to 21.
There were 82 Del Mar homes for sale at the end of February, up 18% from last month, the second increase in inventory. At the current rate of sales over a 3-month period, this represents an inventory of 4.1 months for detached homes (up from 3.4 months last month), and 4.4 months for attached properties, up from 3.2 months last month; the Del Mar housing market is a seller’s market for detached and attached homes.
As with any statistic, 1 month 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.