What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for September 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 September 2018 there were 16 Solana Beach homes sold, down 30% from last month. Here are the highlights:
TOTAL HOMES SOLD
16 (down 30%), 38 Days on Market, Ave. Sales Price $1,658,093 (up 6%), Ave. sale 99% of asking price,
Detached Homes Sold
7 (down 46%), 47 Days on Market, Ave. Sales Price $2,749,000 (up 60%), Ave. sale 100% of asking price
Attached Homes (condos, town homes, twin homes) Sold
9 (down 10%), 31 Days on Market, Ave. Sales Price $809,611 (down 41%), Ave. sale 99% of asking price
Overall sales volume in the Solana Beach housing market for September dropped substantially from August, especially for detached home sales. Average sales prices decreased for attached homes (condos, town homes) but increased significantly for detached single family homes, in large part due to the sale of 2 homes over $4M (1 of them over $6M) that raised the average substantially. Average marketing time was up for both detached and attached homes.
Buyers were able to negotiate their sales prices, on average 1%, with 25% selling at or above list price (one oceanfront home sold for 133% of the list price). 35% of the homes sold for cash, compared to 36% last month.
The MEDIAN sales price of a detached home was $1,875,000 (up 32%), and $733,000 (down 49%) 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 September 2018 there were 61 homes for sale in Solana Beach, up 20% from August, a contrast to a number of other communities that saw inventory declines. There were no contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active), compared to 3 last month.
This represents an inventory of 3.4 months for attached homes (down from 4.2 months last month) and 3.6 months for detached homes (up from 2.2 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 strong sellers’ market for both detached and attached home buyers.
In September 28 new listings hit the Solana Beach real estate market, 2 more than in August; in contrast, the number of homes going pending (excluding homes that sold in September) decreased, from 15 last month to 13 in September.
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.