What’s the Value of my Solana Beach Home?
Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in North San Diego County.
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 January 2017 there were 13 Solana Beach homes sold, up 8% from December, an interesting contrast from a number of other communities where sales were down in January.
TOTAL HOMES SOLD
13 (up 8%), 40 Days on Market, Ave. Sales Price $1,249,500 (down 36%), Ave. sale 96% of asking price,
Detached Homes Sold
4 (down 43%), 64 Days on Market, Ave. Sales Price $2,121,000 (down 24%), Ave. sale 94% of asking price
Attached Homes Sold,
9 (up 80%), 29 Days on Market, Ave. Sales Price $862,166 (up 8%), Ave. sale 98% of asking price
Sales volume in the Solana Beach housing market for January rose by 1 sale (up 8%) from December, with fewer single family detached homes sold but more attached. Average sales prices dropped substantially for detached (in large part due to the sale of 4 homes selling for over $4M, 1 of them at $5.75M in December that raised the average). The average price of attached homes increased modestly. We are still seeing negotiation in prices, on average 2 - 4%, however 31% of the homes sold for asking price or better. 31% of the homes sold for cash, compared to 33% last month.
The MEDIAN sales price of a detached home was $1,500,000 (down 51%), and $875,000 (up 78%) for attached. Given the relatively small number of sales, one should not draw any firm conclusions about pricing trends over a 1-month period.
At the end of January 2017 there were 35 homes for sale in Solana Beach, up 35% from last month, good news for buyers following several declines. There were no contingent listings (short sale or REO homes with offers being reviewed by lenders and considered active) as of the end of the month as in November. This represents an inventory of 2 months for attached homes (up from 1.5 months last month) and 2.7 months for detached (up from 2.1 months last month) based on the current rate of sales over the last 6 months. Housing remains very competitive for buyers in Solana Beach, and is a strong sellers’ market for both detached and attached homes, but especially for the latter.
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How Important is Inventory when Buying or Selling? Very!!
In January more than twice as many homes hit the Solana Beach real estate market as in December, up 109% from last month; the number of homes going pending also increased to 10, up 25% from last month.
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 January. More details can be provided if needed with regard to current activity as well.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in December 2016
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