What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for January 2019
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 January 2019 there were 9 Solana Beach homes sold, up 29% from last month. Here are the highlights:
Detached Homes Sold
4 (up 100%), 65 Days on Market, Ave. Sales Price $1,531,250 (up 19%), Ave. sale 95% of asking price
Attached Homes (condos, town homes, twin homes) Sold
5 (no change), 27 Days on Market, Ave. Sales Price $789,080 (down 8%), Ave. sale 92% of asking price
Overall sales volume in the Solana Beach housing market for January rose from December, all from the increase in detached home sales. Average sales prices decreased for attached homes (condos, town homes) but increased for detached single family homes. Average marketing time rose for detached homes but dropped for attached homes.
Buyers were able to negotiate their sales prices, on average 5 - 8%; 2 homes (1 detached, 1 attached) sold for asking price. 11% of the homes sold for cash, compared to 14% last month.
The median sales price of a detached home was $1,487,500 (up 16%), and $765,000 (down 15%) for attached. Given the number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
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 as the last 2 months.
At the end of January 2019 there were 43 homes for sale in Solana Beach, an increase by 23% from last month. This represents an inventory of 3.4 months for attached homes (up from 1.8 months last month) and 4.5 months for detached (up from 3.4 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 attached home buyers, and a seller’s market for detached single family home buyers.
In January 24 new listings hit the Solana Beach real estate market, triple the number in December which is good news for buyers; in contrast the number of homes going pending (excluding homes that sold in January) decreased modestly from 9 to 7 in January!
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 2019.