What’s the Value of My Del Mar Home?
Del Mar Home Sales for August 2021
Del Mar is a small coastal town in North San Diego County, and is one of the more expensive communities. Del Mar so far holds the record for the most expensive property sold publicly in the MLS in San Diego County (around $48,000,000 in 2007). This oceanfront estate in the Del Mar Beach Colony was marketed again in 2019, and sold in August 2020 for $43,000,000!
Current 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)
16 homes sold in Del Mar in August, 30% fewer sales than last month. Here's a summary of the activity:
Single Family Homes Sold
10 (down 44%); 52 Average Days on Market; Average Sales Price $3,697,200 (down 17%); Average sale was 88% of original asking price
Condos, Townhomes and Duplexes Sold
6 (up by 1); 11 Average Days on Market; Average Sales Price was $1,158,000 (down 28%); Average sale was 97% of original asking price.
Overall sales for August were significantly less last month, for single family detached homes as well as condo, townhome and duplex sales. The average sales price was lower for single family homes compared to last month (in part due to the sale of 6 homes last month for over $6M with 1 at a bit over $13M), and was also lower for condo, townhome and duplex sales. Sales prices ranged from $445,000 to $8,350,000.
Average marketing time was longer for single family homes, and also longer for condos, townhomes and duplexes but still less than 2 weeks!
The median price for single family detached homes at $3,175,000 was 1% lower than last month. The median price for condos, townhomes and duplexes was $1,134,500, down 29% from July.
A number of buyers negotiated money off the original list price on their home purchases. At the same time 31% of the buyers ended up paying list price or more for their homes.
In August there were no Del Mar homes on the market with an Active under Contract status, the same as for the last 2 months.
The number of new listings in August dropped from last month’s 29 to 27…but still about 1 new listing each day! The number of Del Mar homes going pending (excluding homes that sold) increased from 18 pendings in July to 23.
The inventory was higher than last month with 46 homes for sale, up 10%. At the rate of sales over the last 3 months, this represents an inventory of 2.8 months for single family homes (up from 1.9 months last month); there were only 2 condo, townhome and duplex listings available at the time this report was created, an inventory of only 12 days.
The Del Mar housing market remains a very strong seller’s market for buyers of single family homes, with a fairly limited inventory of condos, townhomes and duplexes at the end of August.
As with any statistic, 1 month does not establish a trend, so it’s important to watch the housing market in Del Mar over a period of time, especially as the market conditions continue to change. You should not draw firm conclusions regarding pricing because of the extremes in sales prices of Del Mar properties, especially at the high end, as well as due to the limited number of sales.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your specific housing needs, lifestyle, and budget, so we can create a plan to buy your new Del Mar home in 2021, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report July 2021
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