What’s the Value of My Del Mar Home?
Del Mar Home Sales for March 2018
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar currently has one of the most expensive homes 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 holds the record for the most expensive property sold publicly (at about $48,000,000) thus far.
Up to date information on the local Del Mar housing market helps buyers and sellers make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for Del Mar for March 2018 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
16 homes sold in Del Mar in March 2018, the same as February. Here's a summary of the activity:
TOTAL HOMES SOLD
16 (no change) 40 Days on Market, Ave. Sales Price $1,737,082 (down 39%), Ave. sale 96% of asking price
Detached Homes Sold
12 (no change), 42 Days on Market, Ave. Sales Price $2,011,259 (down 42%), Ave. sale 95% of asking price
Attached Homes Sold
4 (no change), 35 Days on Market, Ave. Sales Price $914,550 (down 9%), Ave. sale 99% of asking price
Overall sales volume for March did not shift for detached or attached home sales from last month. Average sale prices decreased significantly for detached homes in part due to the sale of an oceanfront home for $21,500,000 last month that had raise the average significant. Average marketing time increased substantially for attached homes but only slightly for detached.
The median price for detached homes decreased to $1,950,000 (down 2%), but increased to $914,550 (up 1%) for attached home sales in March compared to last month.
Buyers were able to negotiate, on average, 1 - 5% off list price in March sales; however, 3 homes (19%) sold at asking price or better. 38% of the sales were cash transactions, compared to 31% in February.
In March there was 1 Del Mar homes on the market with a Contingent status, compared to 3 last month (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a slight drop in new listings in the Del Mar real estate market in March, from 38 in April to 34 (down 11%). The number of Del Mar homes going pending (excluding homes that sold) decreased slightly by 1 to 20.
There were 82 Del Mar homes for sale at the end of March, 1 more than last month, the 3rd increase, although modest, in inventory. At the current rate of sales over a 3-month period, this represents an inventory of 4.3 months for detached homes (up from 4.1 months last month), and 5.3 months for attached properties, up from 4.4 months last month; the Del Mar housing market remains a seller’s market for detached and attached homes.
As with any statistic, 1 month 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 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.