What’s the Value of My Del Mar Home?
Del Mar Home Sales for January 2023
Del Mar is a small coastal town in North San Diego County. It’s also one of the more expensive beach-side communities. The most expensive property sold publicly in San Diego County, per the MLS, was in Del Mar (about $48,000,000 in 2007). This oceanfront estate also sold for $43M in January 2020.
Having current information on the housing market in Del Mar is important in order to make educated buying and selling decisions about Del Mar homes for sale. The following statistics were derived 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).
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8 homes sold in Del Mar in January, up from 5 last month. Here's a summary of what happened:
Single Family Homes Sold
5 (up by 1); 39 Average Days on Market; Average Sales Price was $3,767,000 (down 25%); Average Sale Price was 90% of original asking price.
Condos, Townhomes and Duplexes Sold
3 (2 more); 9 Days on Market; Average Sales Price was $598,333; the Average Sales Price was 97% of original asking price.
Overall sales for January increased from last month, with 1 more single family detached home sale, and 2 more condo, townhome and duplex sales. The average sales price was substantially lower for single family homes compared to last month – all 4 single family sales last month were over $2.7M which raised that average. Sales prices ranged from $485,000 to $9,750,000.
Average marketing time was shorter for single family homes. 1 single family sale was an off-market sale but the other 4 took at least 32 days to sell. 1 of the 3 condos sold in 1 day. It’s not a bad idea to be prepared to make quick decisions regarding your home search. You just don’t know what might happen.
The median price for single family detached homes at $2,600,000 was 40% lower than last month.
6 of the 8 buyers were able to negotiate the purchase prices of their homes. However, 2 paid asking price.
There were no Del Mar homes on the market in January with an Active under Contract status, the same as the last 2 months.
There were 18 new listings in January, compared to 10 in December. Similarly 11 homes went pending (excluding homes that sold in January), compared to 4 last month.
The inventory decreased modestly by 3 from last month, with 25 homes for sale. At the rate of sales over the last 3 months, this represents a supply of 4.3 months for single family homes (up from 4.1 months last month), and 2.1 months for condos, townhomes and duplexes (versus 2.5 months in December).
The Del Mar housing market continues to be a strong seller’s market for single family homes, and is a very strong seller’s market for condo, townhome and duplex buyers.
Remember that with any statistic 1 month of data does not establish a trend. A better picture emerges when watching the Del Mar real estate market over time, especially 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 your questions. I’m happy to discuss your personal housing needs, lifestyle, and budget. Then we can create a plan to buy your new Del Mar home. I can also provide the necessary market and equity information, and market preparation guidance, to help sell your Del Mar home if that is your plan.
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What’s my Del Mar Home Worth? Del Mar Real Estate Market Report December 2022
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