What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for April 2019
Buyers and sellers in the Cardiff real estate market need accurate and up to date information about the current local market conditions in order to make informed decisions about Cardiff homes for sale.
Local market conditions have a big impact on buying and selling – inventory, pricing, competition, time on market - and you need to understand these circumstances and how they could affect you.
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Here is a summary of the Cardiff real estate market for April 2019 based on information provided by the MLS (private sales are not included; data are believed to be accurate as of this writing but are not guaranteed). A total of 7 homes sold during April, less than half the number of sales in March (down 53%).
Detached Homes Sold
6 (down 40%); Average of 50 Days on Market, Average Sales Price $2,850,905 (up 92%); Average sale 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
1 (down 80%); 36 Days on Market, Sales Price $810,000 (down 31%); Sale was 97% of original asking price
The overall volume of sales in Cardiff dropped significantly from last month, but especially for attached single family homes. 29% of the transactions in April were for cash, compared to 40% last month. Average sale price rose substantially for detached homes but this was likely due to the sale of 4 homes in April for more than $2.5M with 1 at $5.9M that raised the average substantially compared to last month.
Home buyers negotiated between 3 and 4% of the original asking price, on average, with 1 buyer paying full price. The time on market increased significantly from last month for detached single family homes but rose just slightly for attached homes.
At the end of April 2019 there was 1 home in the Cardiff housing market with a Contingent status, a court-ordered approval, compared to 0 last month (i.e., some Contingent listings are short sale and REO homes that have accepted offers being reviewed by the lenders, but these days most tend to be first rights of refusal where offers have been accepted that are contingent on the sale of a buyer’s home).
As of the end of April 2019 there were 36 Cardiff homes for sale, another bump up in inventory (up 10%). This represents an inventory of 3.3 months for attached homes (down from 3.8 months last month), and 3.4 months for detached homes (up from 2.9 months last month) based on the rate of sales over the last 3 months. The Cardiff by the Sea housing market remains a seller’s market for buyers of detached and attached homes.
26 Cardiff listings came on the market in April, 30% more than for March. 19 homes went pending in April (not counting those that sold), also an increase, by 46%, from March, and another sign of the active Cardiff housing market.
Data are based on information provided by the MLS. If you would like more details about the Cardiff real estate market with regard to current activity as well as the specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these specific areas for you and to assist you with the sale or purchase of a home in Cardiff by the Sea.
Due to the small volume of sales one should not draw firm conclusions about pricing and other trends in Cardiff by the Sea.
Keep in mind that average prices can be dramatically affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
Please call me at (760) 840-1360 so we can discuss your housing needs, answer all questions, and create a plan to help you buy or sell your Cardiff home in 2019.