What’s the Value of My Del Mar Home?
Del Mar Home Sales for June 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 in the MLS 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 June 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).
15 homes sold in Del Mar in June 2018, a substantial drop in sales from last month in contrast to some other North San Diego County communities. Here's a summary of what happened:
TOTAL HOMES SOLD
15 (down 40%) 66 Days on Market, Ave. Sales Price $2,417,733 (down 12%), Ave. sale 89% of asking price
Detached Homes Sold
12 (down 25%), 80 Days on Market, Ave. Sales Price $2,628,083 (down 29%), Ave. sale 87% of asking price
Attached Homes (condos, town homes) Sold
3 (down 67%), 13 Days on Market, Ave. Sales Price $1,576,333 (up 46%), Ave. sale 98% of asking price
Overall sales volume for June dropped significantly, especially for attached home sales. Average sale prices decreased for detached homes (in large part due to the sale last month of 2 high-end oceanfront homes selling, 1 at $15.5M and 1 at $16.5 million that raised the average) but increased for attached homes. Average marketing time decreased for attached homes but increased for detached.
The median price for detached homes increased to $2,264,000 (up 9%), and to $1,199,000 (up 3%) for attached home sales in June compared to last month.
Buyers were able to negotiate, on average, 2 - 13% off list price in June sales; 2 of the homes sold at asking price. 53% of the sales were cash transactions, compared to 44% in May.
In June there were no Del Mar homes on the market with a Contingent status, the same as last month (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a drop in new listings in June in the Del Mar real estate market, from 33 to 28 (down 15%). The number of Del Mar homes going pending (excluding homes that sold) also decreased, to 9 (down 40%).
There were 89 Del Mar homes for sale at the end of June, just 1 more than last month, and the 6th increase in inventory.
At the current rate of sales over a 3-month period, this represents an inventory of 4.7 months for detached homes (up from 4.6 months last month), and 3 months for attached properties, up from 2.5 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.