What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for May 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.
Read More About Cardiff-by-the-Sea:
Here is a summary of the Cardiff real estate market for May 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 16 homes sold during May, more than double the number of sales in April (up 128%).
Detached Homes Sold
8 (up 33%); Average of 9 Days on Market, Average Sales Price $1,374,250 (down 52%); Average sale 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
8 (up 700%); 40 Days on Market, Sales Price $1,190,125 (up 47%); Sale was 99% of original asking price
The overall volume of sales in Cardiff rose significantly from last month, but especially for attached single family homes (rising from 1 sale to 8). 19% of the transactions in May were for cash, compared to 29% last month. Average sales price dropped substantially for detached homes but this was likely due to the sale of 4 homes last month for more than $2.5M, with 1 at $5.9M, that had raised the average substantially compared to this month.
Home buyers negotiated between 1 and 4% of the original asking price, on average, with 5 buyers (31%) paying full price or better. The time on market decreased significantly from last month for detached single family homes but rose, just slightly, for attached homes.
At the end of May 2019 there was 1 home in the Cardiff housing market with a Contingent status, a sale subject to court approval, the same as 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 right of refusals where offers have been accepted that are contingent on the sale of a buyer’s home).
As of the end of May 2019 there were 36 Cardiff homes for sale, the same as in April. This represents an inventory of only 1.5 months for attached homes (down from 3.3 months last month), and 3.4 months for detached homes (the same as last month) based on the rate of sales over the last 3 months. The Cardiff market remains a seller’s market for buyers especially for attached homes.
24 Cardiff listings came on the market in May, 8% fewer than in April. 9 homes went pending in May (not counting those that sold), less than half the number of pendings in April.
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 relatively 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 and budget, answer all of your questions, and create a plan to help you buy and/or sell your Cardiff home in 2019.