What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in May 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 almost 10 years with several price changes and now pending), and so far holds the record for the most expensive property sold publicly (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. These statistics were obtained from the MLS for Del Mar for May 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).
25 homes sold in Del Mar in May 2018, modest increase from last month. Here's a summary of what happened:
TOTAL HOMES SOLD
25 (up 4%) 33 Days on Market, Ave. Sales Price $2,748,449 (down 3%), Ave. sale 95% of asking price
Detached Homes Sold
16 (down 6%), 35 Days on Market, Ave. Sales Price $3,689,125 (up 2%), Ave. sale 94% of asking price
Attached Homes Sold
9 (up 29%), 29 Days on Market, Ave. Sales Price $1,076,138 (up 14%), Ave. sale 96% of asking price
Overall sales volume for May rose slightly, by 1 sale, with a drop by 1 detached home sale but an increase by 2 attached home sales from last month. Average sale prices increased for detached homes (with 2 high-end oceanfront homes selling, 1 at $15.5M and 1 at $16.5 million in the Del Mar Beach Colony) and for attached homes. Average marketing time decreased across the board.
The median price for detached homes increased to $2,072,500 (up 6%), and to $1,165,999 (up 27%) for attached home sales in May compared to last month.
Buyers were able to negotiate, on average, 4 - 6% off list price in May sales; however 16% of the homes sold at asking price or better. 44% of the sales were cash transactions, compared to 38% in April.
In May there were no Del Mar homes on the market with a Contingent status, compared to 1 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 May in the Del Mar real estate market, from 34 to 33 (down 3%). The number of Del Mar homes going pending (excluding homes that sold) also decreased to 15 (down 25%).
There were 88 Del Mar homes for sale at the end of May, a 4% increase (by 3 homes) from last month, and the 5th increase in inventory. At the current rate of sales over a 3-month period, this represents an inventory of 4.6 months for detached homes (up from 4.5 months last month), and 2.5 months for attached properties, down from 3 months last month; the Del Mar housing market remains a sellers market for detached homes and is a strong sellers market for 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 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.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your housing needs and create a plan with you to purchase your new Del Mar home in 2018, or to provide the necessary market information and guidance to help you sell your Del Mar home.