Solana Beach Homes for Sale - What Happened in the Solana Beach Real Estate Market in February 2014?
Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in the North San Diego County area.
As a buyer or seller in the Solana Beach real estate market, understanding recent trends and current market conditions is essential so you can make informed decisions about Solana Beach Homes for Sale; media reports focus on general market statistics and do not provide you with an accurate picture of the local Solana Beach housing market.
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The following data are taken from the San Diego MLS for Solana Beach real estate (private sales are not included in these statistics, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time the report was published, but are not guaranteed.
In February 2014 there were 11 Solana Beach homes sold, 8% fewer than in January.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold |
11 (down 8%) |
7 (up 75%) |
4 (down 50%) |
|
Average $ |
$1,027,727 (up 5%) |
$1,060,428 (down 32%) |
$970,500 (up 40%) |
|
Days on Market |
59 |
48 |
79 |
|
Sale Price/List Price |
98% |
97% |
98% |
Sales volume in the Solana Beach housing market for February dropped modestly from January levels due to decreased attached home sales, since there were mode single family homes sold than last month. Average sales prices shifted down for detached Solana Beach homes but increased for attached. We are still seeing negotiation in prices, on average 2 - 3%, with a few attached homes selling for at or over asking price (as much as 2%). 55% of the homes sold for cash, and there were no short sales.
The MEDIAN sales price of a detached home was $1,070,000 (down 7% from last month), and $982,000 (up 34%) for attached. Given the small number of sales one cannot draw any firm conclusions about pricing trends over a 1-month period.
At the end of February 2014 there were 52 homes for sale in Solana Beach, a dramatic increase of 44% from last month, good news for buyers. There are no “contingent” listings (short sale or REO homes with offers being reviewed by lenders and considered active). This represents an inventory of 4 months for attached homes (up from 2.8 months last month) and 2.7 months for detached (up from 1.4 months in January) based on the current rate of sales over the last 6 months. Housing remains very competitive for buyers in Solana Beach, and favors sellers especially for detached homes.
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How Important is Inventory when Buying or Selling? Very!!
In February we saw more homes come into the Solana Beach real estate market, 31 (up 29%), compared to last months’ new listings; the number of pending homes remained stable at 17.
This overview of the Solana Beach real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well.
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READ MORE:
Solana Beach Homes for Sale – What Happened in the Solana Beach Real Estate Market in January 2014?
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