What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for May 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 home listings and sales (private sales are not included, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time this report was published, but are not guaranteed.
In May 2018 there were 19 Solana Beach homes sold, up 12% from last month. Here are the highlights:
TOTAL HOMES SOLD
19 (up 12%), 47 Days on Market, Ave. Sales Price $1,232,486 (down 7%), Ave. sale 96% of asking price,
Detached Homes Sold
7 (down 22%), 72 Days on Market, Ave. Sales Price $1,650,714 (up 5%), Ave. sale 92% of asking price
Attached Homes Sold
12 (up 50%), 32 Days on Market, Ave. Sales Price $988,520 (down 5%), Ave. sale 98% of asking price
Overall sales volume in the Solana Beach housing market for May rose from April, but with fewer detached homes sold but more attached home sales. Average sales prices decreased for attached homes (condos, town homes) but increased for detached single family homes. Marketing time rose for detached homes but declined for attached.
Buyers were able to negotiate their sales prices, on average 2 - 8%, with 21% of the homes selling at or above asking price. 26% of the homes sold for cash, compared to 35% last month.
The MEDIAN sales price of a detached home was $1,910,000 (up 16%), and $962,500 (up 1%) for attached. Given the number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of May 2018 there were 42 homes for sale in Solana Beach, about the same as in April (down by 1) which is good news for buyers. There were 2 contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active), versus none last month.
This represents an inventory of 2.3 months for attached homes (down from 2.8 months last month) and 2.4 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 detached and attached home buyers.
In May 23 new listings hit the Solana Beach real estate market, down 11% from April; similarly, the number of homes going pending (excluding homes that sold in May) decreased, from 18 last month to 14 in May.
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.