What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for May 2019
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 buyers and sellers 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 home listings and sales (private sales are not included, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time this report was published, but are not guaranteed.
In May 2019 there were 20 Solana Beach homes sold, twice the number in April. Here are the highlights:
Detached Homes Sold
10 (up 150%), 29 Days on Market, Average Sales Price $2,191,500 (up 40%), Average sale 102% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
10 (up 67%), 21 Days on Market, Average Sales Price $799,300 (down 31%), Average sale 98% of original asking price
Overall sales volume in the Solana Beach housing market for May doubled over April. Average sales prices increased for detached homes, in large part due to the sale of 1 home at $3.25M and 1 at $4.5M that raised the average; there was a significant decrease in average price for attached single family. Average marketing time dropped substantially for detached homes and for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 2% for attached homes, but buyers of detached homes on average paid over asking price, one at 129%. Overall a total of 9 home buyers (45%) paid asking price or better. 45% of the homes sold for cash, compared to 30% last month.
The median sales price of a detached home was $1,367,000 (down 50%), and $1,049,500 (up 40%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of May 2019 there were 65 homes for sale in Solana Beach, an increase of 12% from last month, the 5th increase and more good news for buyers. There were no contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals due to offers that are contingent), the same as the last 2 months.
This represents an inventory of 5 months for attached homes (down from 5.6 months last month) and 4.5 months for detached (down from 6.2 months last month) based on the current rate of sales over the last 3 months. Housing is a sellers’ market for attached home buyers, and has shifted to become a seller’s market for detached single family home buyers.
In May 40 new listings hit the Solana Beach real estate market, a 33% increase from April, a good indication of our busy spring market; in contrast, the number of homes going pending (excluding homes that sold in May) dropped modestly, from 20 to 17!
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 local market conditions affect your buying and selling needs and plans. Then we can create a strategy to help you buy or sell your Solana Beach home in 2019.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in April 2019
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