What’s the Value of My Del Mar Home?
Del Mar Home Sales for November 2018
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar so far holds the record for the most expensive property sold publicly in the MLS (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 November 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 November 2018, a decline from last month by 17%. Here's a summary of what happened:
Detached Homes Sold
6 (down 40%), 52 Days on Market, Ave. Sales Price $2,429,166 (up 24%), Ave. sale 91% of asking price
Attached Homes Sold
4 (up 200%), 54 Days on Market, Ave. Sales Price $762,500 (down 9%), Ave. sale 94% of asking price
Overall sales for November dropped for detached home sales, but doubled for attached homes (but the numbers are small). Average sale prices increased for detached homes (in large part due to the sale of 2 homes over $3M that raised the average), but dropped for attached homes. Average marketing time increased for detached and especially for attached home sales.
The median price for detached homes increased to $2,062,500 (up 13%), and to $757,500 (down 10%) for attached home sales compared to last month.
Buyers were able to negotiate, on average, 6 - 11% off list price in November sales; 1 attached home sold for asking price. 20% of the sales were cash transactions, compared to 58% in October.
In November again there were no Del Mar homes on the market with a Contingent status (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a decrease in new listings in November from October, from 35 to 27 (down 23%), not a surprise for the holiday season when fewer sellers might want to be on the market unless they need to. The number of Del Mar homes going pending (excluding homes that sold) remained the same at 10.
There were 108 Del Mar homes for sale at the end of November, another increase, by 7%, from last month. At the current rate of sales over a 3-month period, this represents an inventory of 8.6 months for detached homes (down from 8.8 months last month), and 6.3 months for attached properties, up from 4.7 months last month; the Del Mar housing market is now a buyer’s market for detached homes, and has become a balanced 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.