What’s the Value of My Del Mar Home?
Del Mar Home Sales for November 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 in San Diego County (at about $48,000,000 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold in March 2020 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).
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Del Mar – Affluent Seaside Town (A Community Profile)
22 homes sold in Del Mar in November, 3 more than in October. Here's a summary of what happened:
Single Family Homes Sold
15 (up 50%); 50 Average Days on Market; Average Sales Price $2,484,952 (up 5%); Average sale was 95% of original asking price
Condos, Townhomes and Duplexes Sold
7 (down by 2); Average Sales Price was $974,428 (up 3%); Average sale was 99% of original asking price.
Overall sales for November rose modestly, with more single family homes sold, but fewer condos, townhomes and duplexes. The average sales price rose for the single family homes compared to last month, as did the average price for the condo, townhome and duplex sales. Sales prices ranged from $580,000 to $5,200,000.
The median price for detached homes at $2,185,000 was 20% higher than last month. The median price for attached homes was $1,065,000, up 37% from October.
Buyers were able to negotiate, on average, 1 - 5% off the original list price on their home purchases; however, 6 buyers paid asking price or more for their new homes.
In November there were 3 Del Mar homes on the market with an Active under Contract status compared to 4 last month.
The number of new listings in November decreased from 23 last month to 16, perhaps not a surprise given the time of year. The number of Del Mar homes going pending (excluding homes that sold) was nearly the same at 21 pendings, a fairly busy month for home buyers.
Inventory declined from last month with 62 Del Mar homes for sale, down 13%, as we saw in a number of other communities. At the rate of sales over the last 3 months, this represents an inventory of only 2.5 months for single family homes (down from 5.9 months last month), and 2.7 months for condos, townhomes and duplexes, an increase from 1.9 months last month.
The Del Mar housing market has shifted back to a seller’s market for buyers of single family homes, and remains a strong seller’s market for condos, townhomes and duplexes.
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 cannot 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 October 2020
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