What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for January 2018
Understanding recent trends and current market conditions is essential so you can make informed decisions about buying or selling Solana Beach Homes for Sale.
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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 2018 there were 12 Solana Beach homes sold, a decrease by 14% from the number of sales in December.
TOTAL HOMES SOLD
12 (down 14%), 49 Days on Market, Ave. Sales Price $1,606,666 (up 28%), Ave. sale 94% of asking price,
Detached Homes Sold
5 (up 67%), 57 Days on Market, Ave. Sales Price $2,390,000 (down 20%), Ave. sale 90% of asking price
Attached Homes Sold
7 (down 36%), 43 Days on Market, Ave. Sales Price $1,047,142 (up 33%), Ave. sale 97% of asking price
Overall sales volume in the Solana Beach housing market for January decreased modestly from December, with a substantial decline in attached home sales, but an increase for sales of detached homes. Average sales prices decreased for detached but increased for attached homes.
We are still seeing negotiation in prices, on average 3 - 10%, however 2 attached homes sold for over asking (17%). 31% of the homes sold for cash, compared to 36% last month.
The MEDIAN sales price of a detached home was $1,700,000 (up 13%), based on only 5 sales, and $1,130,000 (up 51%) for attached. Given the number of sales, one cannot draw any firm conclusions about pricing trends over just a 1-month period.
At the end of January 2018 there were 35 homes for sale in Solana Beach, a modest upswing in inventory by 2 homes following a decline in December. There were no contingent listings (typically short sale or REO homes with offers being reviewed by lenders and considered active) the same as last month.
This represents an inventory of 1.7 months for attached homes (up from 1.5 months last month) and 5.7 months for detached (the same as last month) based on the current rate of sales over the last 3 months. Housing remains competitive for buyers in Solana Beach, and is a very strong sellers’ market for attached homes and a strong sellers’ market for detached homes but at the moment is close to a balanced market for detached homes.
In January 24 new listings hit the Solana Beach real estate market, more than twice the number in December which is good news for buyers; similarly, the number of homes going pending (not including homes that sold in January) increased significantly, from 5 last month to 17 in January.
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 1 or 2 months and closed in January. Please give me a call at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have about the market and how it affects your buying and selling needs and plans.