What’s the Value of My Del Mar Home?
Del Mar Home Sales for August 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 August 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).
10 homes sold in Del Mar in August 2018, a decrease in sales by 41% from last month. Here's a summary of what happened:
TOTAL HOMES SOLD
10 (down 41%), 49 Days on Market, Ave. Sales Price $1,270,311 (down 30%), Ave. sale 95% of asking price
Detached Homes Sold
4 (down 67%), 44 Days on Market, Ave. Sales Price $1,771,278 (down 5%), Ave. sale 93% of asking price
Attached Homes Sold
6 (up 20%), 52 Days on Market, Ave. Sales Price $936,333 (down 46%), Ave. sale 97% of asking price
Overall sales for August declined significantly for detached home sales but went up by 1 attached sale. Average sale prices decreased for detached homes, but increased for attached homes. Average marketing time increased for attached homes but declined for detached.
The median price for detached homes decreased to $1,735,500 (down 11%), and to $982,500 (down 29%) for attached home sales in August compared to last month.
Buyers were able to negotiate, on average, 3 - 7% off list price in August sales; 3 homes (30%) sold at or above asking price. 20% of the sales were cash transactions, compared to 41% in July.
In August there was 1 Del Mar home on the market with a Contingent status, compared to 0 the last 3 months (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw an increase in new listings in August over July, from 26 to 36 (up 38%). The number of Del Mar homes going pending (excluding homes that sold) also increased, but modestly, from 14 to 16 (up 14%).
There were 90 Del Mar homes for sale at the end of August, just 1 less than last month, following 7 months of inventory increases, and up about 50% from the end of December. At the current rate of sales over a 3-month period, this represents an inventory of 7.6 months for detached homes (up from 5.1 months last month), and 3 months for attached properties, down from 3.4 months last month; the Del Mar housing market is now a balanced 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.