What’s the Value of my Solana Beach Home? Solana Beach Real Estate Market Report for March 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 March 2019 there were 11 Solana Beach homes sold, 1 less than last month. Here are the highlights:
Detached Homes Sold
6 (up 20%), 3 Days on Market, Average Sales Price $2,880,930 (down 1%), Average sale 99% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
5 (down 29%), 91 Days on Market, Average Sales Price $881,000 (down 4%), Average sale 89% of original asking price
Overall sales volume in the Solana Beach housing market for March dropped by 1 from February, with 1 more detached home sale but 2 fewer attached. Average sales prices decreased modestly for attached homes; there was a slight decrease in average price for detached single family homes (but with the sale of 1 home at $3.065M and 1 at $8.25M). Average marketing time dropped substantially for detached homes with all 6 homes selling in 10 days or less but rose for attached homes (2 of the 5 homes took roughly 6 months to sell which raised the average substantially).
Buyers were able to negotiate their sales prices down from original list price, on average 1 - 11%; however, 7 home buyers (64%) paid asking price or better. 27% of the homes sold for cash, compared to 33% last month.
The median sales price of a detached home was $2,715,000 (down 39%), and $750,000 (up 6%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of March 2019 there were 52 homes for sale in Solana Beach, an increase by 10% from last month, the 3rd increase and more good news for buyers. There were no contingent listings (these are often short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals), compared to 1 last month.
This represents an inventory of 4.6 months for attached homes (up from 4.4 months last month) and 6.2 months for detached (down from 6.8 months last month) based on the current rate of sales over the last 3 months. Housing is a sellers’ market for attached home buyers, but is a balanced market for detached single family home buyers.
In March 27 new listings hit the Solana Beach real estate market, 1 less than in February; the number of homes going pending (excluding homes that sold in March) dropped from 11 to 8 in March!
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.