Del Mar Homes for Sale - What Happened in the Del Mar Real Estate Market in October 2013?
Del Mar is a small coastal town in North San Diego County and one of the most expensive communities in the county. Indeed, the Del Mar real estate market currently has the 2nd most expensive home for sale in San Diego County (at $33.9M – on the market for 6+ years), and still holds the record for the most expensive property sold (at about $48,000,000).
Up to date information on the local Del Mar real estate market is essential for buyers and sellers to make informed decisions about Del Mar homes for sale. Here are the statistics obtained from the MLS for Del Mar for October 2013 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private sales).
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31 homes sold in the Del Mar real estate market in October 2013, 3 more than last month. Here's a summary of the activity:
|
|
Total |
Detached |
Attached |
|
# Sold |
31 (up 11%) |
21 (no change) |
10 (up 43%) |
|
Average Price |
$2,325,111 (up 59%) |
$3,044,879 up 120%) |
$813,600 (up 1%) |
|
Days on Market |
67 |
85 |
28 |
|
Sale Price/List Price Ratio |
96% |
94% |
100% (94-105%) |
Overall sales volume for October shifted up due to an increase in attached home sales. Average sale prices increased dramatically across the board. However this was due to the sale of 2 high end homes at $11,250,000 and $18,750,000. When you ignore these, the average sale prices were $1,523,824 (overall) and $1,786,445 (detached homes).
Buyers were able to negotiate, on average, 4 - 6% off list price in October sales but a number of homes sold at and over asking while others sold well below; 48% were cash transactions and there were no short sales. The median detached home price was $1,750,000 (up 9%), and $602,500 (down 19%) for attached homes.
In October, there was just 1 Del Mar home on the market with a Contingent status (i.e., homes with offers being reviewed by short sale and REO lenders, 3% of the total number of homes for sale – know that some of these are no longer able to be shown or October not be accepting additional offer). This is included in the overall Active statistics below.
36 homes entered the Del Mar real estate market in October, up 29% from September. The number of Del Mar homes going pending (excluding homes that sold), decline, however, to 15 (down 44%).
There were 96 Del Mar homes for sale at the end of October, about the same as last month (up 2 or 2%). At the current rate of sales over a 6-month period, this represents an inventory of 3.8 months for detached homes (the same as last month), and 2.5 months for attached properties, down from 3 months in September; the Del Mar real estate market remains one that favors sellers of both detached and attached homes and became even more competitive.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
As with any statistic, 1 month of numbers does not establish a trend, so it is important to watch what has been happening over a period of time. One should not draw any firm conclusions regarding pricing because of the extremes in the Del Mar real estate market, as well as the small number of sales.
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Del Mar Homes for Sale – What Happened in the Del Mar Real Estate Market in September 2013?
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