What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for August 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 August 2018 there were 23 Solana Beach homes sold, more than double the number of sales last month (up 109%). Here are the highlights:
TOTAL HOMES SOLD
23 (up 109%), 21 Days on Market, Ave. Sales Price $1,568,087 (no change), Ave. sale 94% of asking price,
Detached Homes Sold
13 (up 63%), 24 Days on Market, Ave. Sales Price $1,718,354 (down 2%), Ave. sale 95% of asking price
Attached Homes Sold
10 (up 233%), 17 Days on Market, Ave. Sales Price $1,372,740 (up 36%), Ave. sale 93% of asking price
Overall sales volume in the Solana Beach housing market for August more than doubled from July; the increased sales were especially dramatic for attached homes. Average sales prices increased for attached homes (condos, town homes) but decreased slightly for detached single family homes. Average marketing time dropped significantly for detached homes but declined slightly for attached homes.
Buyers were able to negotiate their sales prices, on average 5 - 7%, with 26% selling at or above list price. 35% of the homes sold for cash, compared to 36% last month.
The MEDIAN sales price of a detached home was $1,425,000 (down 19%), and $1,442,500 (up 44%) 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 August 2018 there were 51 homes for sale in Solana Beach, down modestly by 4% from July. There were 3 contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active), compared to 1 last month; in this case all 3 are first right of refusals due to other offers, and are not short sales or REOs.
This represents an inventory of 4.2 months for attached homes (down from 4.3 months last month) and 2.2 months for detached (down from 2.9 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 a strong sellers market for attached home buyers.
In August 26 new listings hit the Solana Beach real estate market, 19% fewer than in July; similarly, the number of homes going pending (excluding homes that sold in August) also decreased, from 19 last month to 15 in August.
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.