What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for November 2018
Understanding recent trends and current market conditions is essential so buyers and sellers 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 November 2018 there were 16 Solana Beach homes sold, down 20% from last month. Here are the highlights:
Detached Homes Sold
7 (no change), 83 Days on Market, Ave. Sales Price $1,813,571 (up 9%), Ave. sale 88% of asking price
Attached Homes (condos, town homes) Sold
9 (down 31%), 42 Days on Market, Ave. Sales Price $1,040,333 (up 7%), Ave. sale 95% of asking price
Overall sales volume in the Solana Beach housing market for November dropped from October, all due to a decrease in attached home sales. Average sales prices increased for attached homes (condos, town homes) and for detached single family homes. Average marketing time rose for detached homes but did not shift for attached homes.
Buyers were able to negotiate their sales prices, on average 5 - 12%, with 1 attached home selling at list price and another over asking. 50% of the homes sold for cash, compared to 30% last month.
The median sales price of a detached home was $1,700,000 (up 4%), and $925,000 (down 3%) 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 November 2018 there were 52 homes for sale in Solana Beach, about the same as last month (51). There were no contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active), compared to 1 last month.
This represents an inventory of 2.1 months for attached homes (down from 2.6 months last month) and 4.3 months for detached (up from 3 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 attached home buyers, and a strong seller’s market for detached home buyers.
In November 16 new listings hit the Solana Beach real estate market, down 15% from October, not a surprise given the holidays; similarly, the number of homes going pending (excluding homes that sold in November) dropped from 13 to 7 in November.
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.