What’s the Value of My Del Mar Home?
Del Mar Home Sales for December 2018
Del Mar, a small coastal town in North San Diego County, is one of San Diego's 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 December 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 December 2018, a decline from last month by 17%. Here's a summary of what happened:
Detached Homes Sold
8 (up 33%), 112 Days on Market, Ave. Sales Price $3,013,900 (up 24%), Ave. sale 88% of asking price
Attached Homes (town homes, condos, twin homes) Sold
2 (down 50%), 63 Days on Market, Ave. Sales Price $1,030,000 (up 35%), Ave. sale 93% of asking price
Overall sales for December dropped for attached home sales but rose for detached homes. Average sale prices increased for detached homes (in part due to the sale of 2 homes over $4M that raised the average), as well as for attached homes. Average marketing time increased significantly for both detached and attached home sales.
The median price for detached homes increased to $2,455,000 (up 19%), and to $1,030,000 (up 35%) for attached home sales in December compared to last month.
Buyers were able to negotiate, on average, 7 - 12% off list price in December sales; 1 detached home sold for asking price. 17% of the sales were cash transactions, compared to 20% in November.
In December 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 another decrease in new listings in December from November, from 27 to 15 (down 44%), not a surprise for the holiday season when fewer sellers might want to be on the market unless they need to. In contrast the number of Del Mar homes going pending (excluding homes that sold) rose to 13 (up 30%) – homes DO go pending an77d sell during the holidays!
There were 108 Del Mar homes for sale at the end of December, a substantial decline, by 29%, from last month, not unexpected due to the December holidays. At the current rate of sales over a 3-month period, this represents an inventory of 7.6 months for detached homes (down from 8.6 months last month), and 6 months for attached properties, down from 6.3 months last month; the Del Mar housing market is a buyer’s market for detached homes, and remains 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.