What’s the Value of My Del Mar Home?
Del Mar Home Sales in January 2019
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 can help you make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for January 2019 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include any private/non-MLS sales).
12 homes sold in Del Mar in January 2019, a 20% increase from last month. Here's a summary of what happened:
Detached Homes Sold
8 (no change), 42 Days on Market, Ave. Sales Price $2,374,481 (down 21%), Ave. sale 93% of asking price
Attached Homes (condos, town homes, twin homes) Sold
4 (up 100%), 17 Days on Market, Ave. Sales Price $1,079,375 (up 5%), Ave. sale 98% of asking price
Overall sales for January rose for attached home sales but did not shift for detached homes, with an overall net increase in sales. Average sale prices decreased for detached homes (in part due to the sale of 2 homes last month over $4M that had raised the average), but increase modestly for attached homes. Average marketing time decreased significantly for both detached and attached home sales.
The median price for detached homes increased to $2,325,000 (down 5%), and to $623,750 (down 43%) for attached home sales in January compared to last month.
Buyers were able to negotiate, on average, 2 - 7% off list price in January sales; 5 buyers (42%) paid full price or better for their homes. 25% of the sales were cash transactions, compared to 17% in December.
In January 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).
New listings in January more than tripled from December, from 15 to 56, which is good news for buyers. In contrast the number of Del Mar homes going pending (excluding homes that sold) dropped from 13 to 8!
There were 113 Del Mar homes for sale at the end of January, a significant increase by 47% from last month, following a big drop in inventory in December. At the current rate of sales over a 3-month period, this represents an inventory of 11.5 months for detached homes (up from 7.6 months last month), and 8.7 months for attached properties, up from 6 months last month.
The Del Mar housing market remains a buyer’s market for detached homes and with more inventory, but has now shifted to a buyers 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, especially as things are shifting as noted above. 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 this 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 2019, or to provide the necessary market information and guidance to help you sell your Del Mar home.