What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in May 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 May 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).
29 homes sold in Del Mar in May 2019, up 2% from last month. Here's a summary of what happened:
Detached Homes Sold
21 (up 50%), 50 Days on Market, Average Sales Price $1,947,095 (down 47%), Average sale 94% of original asking price
Attached Homes Sold
8 (no change), 82 Days on Market, Average Sales Price $1,020,250 (up 2%), Average sale 97% of original asking price
Overall sales for May rose significantly from last month due to the increase in detached home sales. Average sale prices decreased dramatically for detached homes, no doubt due to the sale of 6 homes over $3M (with 1 at $9.45M) last month that had raised the average substantially compared to May sales. The average sales price for attached homes rose modestly. Average marketing time decreased for detached homes but was significantly higher for attached homes.
Enjoy Opening Day at the Del Mar Races
The median price for detached homes decreased to $1,785,000 (down 31%), but rose to $1,098,500 (up 10%) for attached home sales in May compared to last month.
Buyers were able to negotiate, on average, 3 - 6% off the original list price in their home purchases; 1 buyer paid full price and 1 paid over asking for their homes (both detached single family homes). 24% of the sales were cash transactions, compared to 41% in April.
In May there were no 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).
There were 5 fewer new listings in May than last month, down 8% to 31. The number of Del Mar homes going pending (excluding homes that sold) also dropped to 16 pendings, down 24%!
There were 92 Del Mar homes for sale at the end of May, a decrease by 5% from last month, the 3rd decrease, but still well above the inventory at the beginning of the year. At the current rate of sales over a 3-month period, this represents an inventory of 4 months for detached homes (down from 5.4 months last month), and 2.9 months for attached properties, down from 4.8 months last month; the Del Mar housing market is a seller’s market for detached homes, and is now a strong 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.