What’s the Value of my Solana Beach Home?
Solana Beach Home Sales Report for December 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 December 2018 there were only 7 Solana Beach homes sold, down 43% from last month, another decline but not a surprise for the holidays. Here are the highlights:
Detached Homes Sold
2 (down 71%), 44 Days on Market, Ave. Sales Price $1,287,500 (down 29%), Ave. sale 99% of asking price
Attached Homes (town homes, condos, twin homes) Sold
5 (down 41%), 42 Days on Market, Ave. Sales Price $855,500 (down 18%), Ave. sale 91% of asking price
Overall sales volume in the Solana Beach housing market for December dropped markedly from November, especially for detached home sales. Average sales prices also decreased for attached homes (condos, town homes) and detached single family homes. Average marketing time dropped for detached homes but did not shift for attached homes.
Buyers were able to negotiate their sales prices, on average from 1 - 9%, with 1 detached home selling for 106% of list price. 14% of the homes sold for cash, compared to 50% last month.
The median sales price of a detached home was $1,287,500 (down 24%), and $900,000 (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 December 2018 there were 52 homes for sale in Solana Beach, a decline by 33% from last month – not a surprise for the holidays. There were no contingent listings (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals), the same last month.
This represents an inventory of 1.8 months for attached homes (down from 2.1 months last month) and 3.4 months for detached (down from 4.3 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 December only 7 new listings hit the Solana Beach real estate market, half the number in November, but not a surprise given the holidays; interestingly the number of homes going pending (excluding homes that sold in December) increased from 7 to 9 in November – homes DO sell during the holidays!
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.