What’s the Value of My Del Mar Home?
Del Mar Home Sales for July 2022
Del Mar, a coastal community in North San Diego County, is one of the more expensive communities along the beach. The most expensive property sold publicly according to the MLS in San Diego County was in Del Mar (a little over $48,000,000 in 2007), that sold again for $43M in July 2020.
Up-to-date information on the Del Mar housing market is necessary so buyers and sellers are able to make educated buying and selling 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 compiled, but are not guaranteed, and do not include private/non-MLS sales).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
10 homes sold in Del Mar in July, 7 fewer than last month. Here's a summary of what happened:
Single Family Homes Sold
7 (down by 46%); 68 Average Days on Market; Average Sales Price $4,441,428 (up 62%); Average Sale Price was 103% of original asking price
Condos, Townhomes and Duplexes Sold
3 (down by 1); 9 Days on Market; Average Sales Price was $1,300,000 (down by 21%); the Average Sale Price was 98% of original asking price.
Overall sales for July dropped from last month, with fewer single family detached homes sales and 1 less condo and townhome sale. The average sales price was quite a bit higher for single family homes compared to last month (no doubt due to the sale of 1 home over $5M and 2 over $7M that raised the average significantly), but decreased for condos and townhomes. Sales prices ranged from $820,000 to $7,800,000.
Average marketing time was substantially longer for single family homes, no doubt due to 1 sale that took 349 days which raised the average (the average was 22 days without that outlier). Average time on the market was several days longer for condos, townhomes and duplexes, a little more than a week. In general, buyers should be ready to make quick decisions regarding their home searches – 40% of the homes went pending in 1 week or less.
The median price for single family detached homes at $3,300,000 was 43% higher than last month. The median sales price for the condo and townhome sales was $1,370,000 (down 24%).
Many buyers were able to negotiate the purchase price of their homes. At the same time, however, 30% paid more than the list price which is less than last month.
In July there were 2 Del Mar homes on the market with an Active under Contract status, compared to none last month.
The number of new listings in July was about the same, down 1 to 18. There were 11 homes that went pending (excluding homes that sold in July), the same as in June.
The inventory rose again from last month, by 17%, with 42 homes for sale. At the rate of sales over the last 3 months, this represents a supply of 2.4 months for single family homes (up from 2.2 months last month), and 3.9 months for condos, townhomes and duplexes (versus 1.5 months in June).
The Del Mar housing market continues to be a very strong seller’s market for single family homes, but eased a bit for condos, townhomes and duplexes.
It’s important to remember that with any statistic 1 month does not establish a trend. A better picture will come from watching the Del Mar housing market over time, in particular since market conditions continue to shift. One cannot draw firm conclusions regarding pricing because of sales price extremes of Del Mar properties, especially the higher price points, and the fairly limited number of sales.
Please reach out to me 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 purchase your new Del Mar home, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.
Search for Del Mar Homes for Sale
READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report June 2022
Comments(8)