What’s the Value of My Del Mar Home?
Del Mar Home Sales in March 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). And currently has the most expensive listing...that same house for $48M. Interested?
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 March 2019 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
22 homes sold in Del Mar in March 2019, substantially more than last month (up by 83%). Here's a summary of what happened:
Detached Homes Sold
15 (up 50%), 35 Days on Market, Average Sales Price $2,872,466 (down 2%), Average sale 87% of original asking price
Attached Homes Sold
7 (up 250%), 42 Days on Market, Average Sales Price $1,100,285 (up 35%), Average sale 98% of original asking price
Overall sales for March shifted up dramatically from last month, especially for attached homes. Average sale prices decreased slightly for detached homes, despite the sale of an oceanfront home at $16,000,000, but rose for attached homes. Average marketing time decreased significantly for detached homes but was higher for attached homes.
The median price for detached homes decreased to $1,600,000 (down 22%), but went up to $950,000 (up 17%) for attached home sales in March compared to last month.
Buyers were able to negotiate, on average, 5 - 6% off list price in their home purchases; 4 buyers (18%) paid full price or more for their homes. 23% of the sales were cash transactions, compared to 40% in February.
In March there was 1 Del Mar home on the market with a Contingent status (i.e., when they happen these are often, but not always, homes with offers being reviewed by short sale and REO lenders, but some are first right of refusals). This particular home sale is contingent because it requires court approval.
New listings in March rose fairly significantly from last month, up 26% to 34. The number of Del Mar homes going pending (excluding homes that sold) was the same as last month (24 pendings)!
There were 101 Del Mar homes for sale at the end of March, a modest decrease by 6% from last month, following an increase in January after the holidays. This includes the most expensive listing in San Diego County at $48,000,000, an oceanfront property in the Del Mar Beach Colony.
At the current rate of sales over a 3-month period, this represents an inventory of 7.2 months for detached homes (down from 9 months last month), and 5.1 months for attached properties, down from 10.9 months last month; the Del Mar housing market is a buyer’s market for detached homes, but has shifted again to a seller’s 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. 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, lifestyle, and budget, then create a plan with you to purchase your new Del Mar home in 2019, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home.