What’s the Value of My Del Mar Home?
Del Mar Home Sales for April 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 helps buyers and sellers make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for Del Mar for April 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 April 2019, the same as last month. Here's a summary of what happened:
Detached Homes Sold
14 (down 7%), 50 Days on Market, Average Sales Price $3,616,891 (up 6%), Average sale 92% of original asking price
Attached Homes (condos, town homes) Sold
8 (up 14%), 31 Days on Market, Average Sales Price $1,004,248 (down 9%), Average sale 96% of original asking price
Overall sales for April remained the same as last month, with 1 more attached home sale and 1 less detached. Average sale prices increased dramatically for detached homes, no doubt due to the sale of 6 homes over $3M (with 1 at $9.45M) that raised the average substantially. Average marketing time increased significantly for detached homes but was lower for attached homes.
The median price for detached homes increased to $2,580,000 (up 61%), and rose to $997,492 (up 5%) for attached home sales in April compared to last month.
Buyers were able to negotiate, on average, 4 - 8% off list price in their home purchases; 1 buyer paid full price or more for their homes. 41% of the sales were cash transactions, compared to 23% in March.
In April there were 2 Del Mar homes 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). 1 home needs court approval, the other is a first right of refusal.
There were 2 more new listings in April than last month, up 6% to 36. The number of Del Mar homes going pending (excluding homes that sold) dropped by 2 from last month (down 8%) to 22 pendings!
There were 97 Del Mar homes for sale at the end of April, a decrease by 4% from last month, the second decrease. At the current rate of sales over a 3-month period, this represents an inventory of 5.4 months for detached homes (down from 7.2 months last month), and 4.8 months for attached properties, down from 5.1 months last monthl. The Del Mar housing market shifted from a buyer’s market to a seller’s market for detached homes, and is 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.