What’s the Value of My Del Mar Home Worth?
Home Sales for October 2017
Del Mar, a small coastal town in North San Diego County, is one of the most expensive communities. Del Mar currently has one of the priciest for sale on the public market in San Diego County ($49M – on the market for 8+ years with several price changes and now pending), and so far holds the record for the most expensive property sold (at about $48,000,000).
Up to date information on the local Del Mar housing market helps buyers and sellers make informed decisions about Del Mar homes for sale. Here are the statistics obtained from the MLS for Del Mar for October 2017 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
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Del Mar – Affluent Seaside Town (A Community Profile)
18 homes sold in Del Mar in October 2017, an increase of 13% from last month, following last month’s significant decrease in sales. Here's a summary of the activity:
TOTAL HOMES SOLD
18 (up 13 %) 58 Days on Market, Ave. Sales Price $2,006,277 (down 4%), Ave. sale 90% of asking price
Detached Homes Sold
14 (no change), 66 Days on Market, Ave. Sales Price $2,325,571 (up 3%), Ave. sale 90% of asking price
Attached Homes Sold
4 (up 50%), 31 Days on Market, Ave. Sales Price $888,750 (up 4%), Ave. sale 92% of asking price
Overall sales volume for October increased, with no change in detached home sales but with a substantial increase for attached home sales. Average sale prices also increased across the board. Average marketing time increased for detached homes, but decreased for attached homes.
The median price for detached homes increased to $2,500,000 (up 32%) with 3 homes selling for over $3M, and to $892,500 (up 4%) for attached home sales in October.
Buyers were able to negotiate, on average, 4 - 8% off list price in October sales; however, 17% of the homes sold at or above asking. 44% of the sales were cash transactions, compared to 38% in September.
In October there were no Del Mar homes on the market with a Contingent status, the same as the last 2 months (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a slight increase in new listings in the Del Mar real estate market in October, at 38 (up 3%). The number of Del Mar homes going pending (excluding homes that sold), also increased, by 2, to 22 (up 10%).
There were 110 Del Mar homes for sale at the end of October, up 8% from last month. At the current rate of sales over a 6-month period, this represents an inventory of 6.4 months for detached homes (up from 5.7 months last month), and 2.9 months for attached properties, down from 3.5 months last month; the Del Mar housing market is a balanced market for detached homes, but a strong seller’s market for attached homes.
As with any statistic, 1 month of numbers does not establish a trend, so it’s important to watch the Del Mar housing market over a period of time. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, as well as the overall modest number of home sales each month.
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What’s my Del Mar Home Worth? Del Mar Real Estate Market Report September 2017
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