What’s the Value of My Del Mar Home?
Del Mar Home Sales for July 2020
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar so far holds the record for the most expensive property sold publicly in the MLS (at about $48,000,000 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold last March for $43,000,000!
Up to date information on the local Del Mar housing market conditions helps buyers and sellers make educated decisions about Del Mar homes for sale. These statistics were obtained from the MLS (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
30 homes sold in Del Mar in July, 43% more than in June following a large increase in sales from May, despite the pandemic. Here's a summary of what happened:
Detached Homes Sold
21 (up 40%), 51 Average Days on Market; Average Sales Price $3,086,523 (down 6%); Average sale was 93% of original asking price
Attached Homes Sold
9 (up 50%); 29 Average Days on Market; Average Sales Price was $1,095,944 (up 20%); Average sale was 96% of original asking price.
Overall sales for July rose dramatically from June, with more detached and attached homes sold, the second month of significant sales increases. The average sales price dropped for the detached homes compared to last month, in large part due to a sale in June at $5.2M and one at $18M that raise the average substantially for last month. The average price of an attached home was higher than in June.
Average marketing time was shorter for both detached and attached homes than in June.
The median price for detached homes at $2,400,000 was 19% higher than last month. The median price for attached homes was $1,100,000, up 33% from June.
Buyers were able to negotiate, on average, 4 - 7% off the original list price on their home purchases; 8 of the homes (27%) sold for asking price or more. 33% of the sales were for cash compared to 24% in June.
In July there were 2 Del Mar homes on the market with a Contingent status, versus 1 last month (i.e., when they happen these are often, but not always, homes with offers being reviewed by short sale and REO lenders, but some are first right of refusals). 1 home was a first right of refusal, and the other is the same court approval that has been waiting many months for final approval.
The number of new listings in July decreased from 34 last month to 32, a reasonable number of new offerings despite the pandemic. Similarly, the number of Del Mar homes going pending (excluding homes that sold) dropped from 24 to 22 pendings, still a busy month for home buyers.
There were 72 Del Mar homes for sale at the end of July, 11% fewer than last month (81). At the rate of sales over the last 3 months, this represents an inventory of 3.6 months for detached homes (down from 5.3 months last month), and 3.4 months for attached properties, a decrease from 6.3 months last month.
The Del Mar housing market remains a strong seller’s market for buyers of detached homes and became more competitive for attached homes, shifting from a balanced market to one favoring buyers.
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, especially as the market continues to shift. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, especially at the high end, as well as the overall number of home sales this month.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your housing needs, lifestyle, and budget, and create a plan with you to purchase your new Del Mar home in 2020, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report June 2020
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