What’s the Value of My Cardiff-by-the-Sea Home?
Buyers and sellers in the Cardiff real estate market need information about local and current market conditions in order to make informed decisions about Cardiff homes for sale.
The Cardiff-by-the-Sea housing market is small and very local, and finding comparables for determining price for either a listing or a purchase can be tricky due to limited inventory, the diversity of Cardiff properties for sale, and market fluctuations.
Want to learn more about Cardiff-by-the-Sea?
Here is a summary of the Cardiff real estate market for February 2017 based on information provided by the MLS (private sales are not included).
TOTAL HOMES SOLD
7 (up 133%); Ave. 36 Days on Market, Ave. Sales Price $1,014,571 (down 39%); Ave. sale 95% of asking price
Detached Homes Sold
1 (down 50%) Ave. 37 Days on Market, Ave. Sales Price $2,100,000 (up 14%); Sale was 93% of asking price
Attached Homes Sold
6 (up 500%); 36 Days on Market, Ave. Sales Price $833,666 (down 24% from last month’s 1 sale). Ave. sale 96% of asking price
The overall volume of sales in Cardiff more than doubled from last month. Detached home sales were down significantly but attached sales increased substantially, from 1 sale last month to 6 for February. 29% of the homes sold in February were cash transactions, compared to 33% in January. One home sold for asking price, and one for 103% of list price.
The sales price for the detached home was more than the average of the 2 home sales from last month by 14% but this does not mean much given the small number of sales in both months.
At the end of February 2017 there were no homes in the Cardiff housing market with a Contingent status (i.e., short sale and REO homes that have accepted offers being reviewed by the lenders), the same as the last 2 months.
As of the end of February 2017 there were 19 Cardiff homes for sale, a 26% increase in inventory from January, following 6 months of inventory decline – good news for buyers! This represents an inventory of less than 1 month for attached homes (like last month), and 3.1 months for detached homes (up from 2.2 months last month). The Cardiff market remains very competitive for buyers, and is a strong seller’s market, in particular for buyers of attached homes.
23 Cardiff homes came on the market in February, twice as many as in January – more good news for Cardiff buyers. 11 homes went pending in February (not counting those that sold), 1 more than in January.
Data are based on information provided by the MLS for homes. If you would like more details about the Cardiff real estate market with regard to current activity as well as the specific areas such as the Walking District and the Composer District, I am happy to provide detailed reports on these specific areas for you.