What’s the Value of My Solana Beach Home?
Solana Beach Real Estate Market Report for February 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, 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 2018 there were 14 Solana Beach homes sold, an increase by 17% from the number of sales in January.
TOTAL HOMES SOLD
14 (up 17%), 36 Days on Market, Ave. Sales Price $1,313,750 (down 18%), Ave. sale 97% of asking price,
Detached Homes Sold
8 (up 60%), 52 Days on Market, Ave. Sales Price $1,498,375 (down 37%), Ave. sale 97% of asking price
Attached Homes Sold
6 (down 14%), 15 Days on Market, Ave. Sales Price $1,067,583 (up 2%), Ave. sale 98% of asking price
Overall sales volume in the Solana Beach housing market for February increased modestly from January, with more detached homes sold but 1 less attached home. Average sales prices decreased for detached homes, but increased for attached homes.
We are still seeing negotiation in prices, on average 2 - 3%, however 5 homes sold for over the asking price (36%). 50% of the homes sold for cash, compared to 31% last month.
The MEDIAN sales price of a detached home was $1,345,000 (down 21%), and $903,750 (down 20%) 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 February 2018 there were 35 homes for sale in Solana Beach, the same as in January. There were no contingent listings (typically short sale or REO homes with offers being reviewed by lenders and considered active) the same as the last 2 months.
This represents an inventory of 2.9 months for attached homes (up from 1.7 months last month) and 2.3 months for detached (down from 5.7 months 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 detached and attached homes.
In February 18 new listings hit the Solana Beach real estate market, down 25% from January but still a nice addition to the inventory; similarly, the number of homes going pending (excluding homes that sold in February) decreased, from 17 last month to 14 in February.
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 local market conditions affect your buying and selling needs and plans. Then we can create a strategy to help you buy or sell your Solana Beach home in 2018.