What’s the Value of my Solana Beach Home Worth?
Solana Beach Home Sales for October 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 October 2018 there were 20 Solana Beach homes sold, up 25% from last month. Here are the highlights:
TOTAL HOMES SOLD
20 (up 25%), 39 Days on Market, Ave. Sales Price $1,217,740 (down 27%), Ave. sale 96% of asking price,
Detached Homes Sold
7 (no change), 33 Days on Market, Ave. Sales Price $1,666,142 (down 39%), Ave. sale 97% of asking price
Attached Homes (condos, town homes, twin homes) Sold
13 (up 44%), 42 Days on Market, Ave. Sales Price $976,292 (up 21%), Ave. sale 95% of asking price
Overall sales volume in the Solana Beach housing market for October rose substantially from September, all due to an increase in attached home sales. Average sales prices increased for attached homes (condos, town homes) but decreased 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 last month). Average marketing time rose for attached homes but dropped slightly for detached homes.
Buyers were able to negotiate their sales prices, on average 3 - 5%, with 15% selling at or above list price. 30% of the homes sold for cash, compared to 35% last month.
The median sales price of a detached home was $1,630,000 (down 13%), and $950,000 (up 30%) 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 October 2018 there were 51 homes for sale in Solana Beach, down 16% from September. There was 1 contingent listing (these are typically short sale or REO homes with offers being reviewed by lenders and considered active), compared to 0 last month.
This represents an inventory of 2.6 months for attached homes (down from 3.4 months last month) and 3 months for detached (down from 3.6 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 October 20 new listings hit the Solana Beach real estate market, down 29% from September; in contrast, the number of homes going pending (excluding homes that sold in October) remained the same as in September, at 13.
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.