What’s the Value of my Del Mar Home?
Del Mar Home Sales for June 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). Ironically that same oceanfront property is now listed for sale at $48M!
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 June 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).
14 homes sold in Del Mar in June 2019, less than half the number sold last month. Here's a summary of what happened:
Detached Homes Sold
9 (down 57%), 54 Days on Market, Average Sales Price $2,386,777 (up 23%), Average sale 96% of original asking price
Attached Homes Sold
5 (down 37%), 48 Days on Market, Average Sales Price $883,600 (down 13%), Average sale 94% of original asking price
Overall sales for June dropped significantly from last month especially for detached home sales. Average sale prices increased dramatically for detached homes, no doubt due to the sale of 4 homes over $2M (with 1 at $6.65M) that raised the average substantially. The average sales price for attached homes declined as well. Average marketing time increased slightly for detached homes but was significantly lower for attached homes.
The median price for detached homes increased to $1,950,000 (up 9%), but dropped to $740,000 (down 33%) for attached home sales in June compared to last month.
Buyers were able to negotiate, on average, 4 - 6% off the original list price in their home purchases; 3 buyers paid full price for their homes (all detached single family homes). 29% of the sales were cash transactions, compared to 24% in May.
In June 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). Both were first right of refusals.
There were 3 fewer new listings in June than last month, down 10% to 28. In contrast the number of Del Mar homes going pending (excluding homes that sold) rose by 2 to 18 pendings.
There were 95 Del Mar homes for sale at the end of June (ranging in price from $350,000 to $48,000,000), a slight bump-up in inventory by 3 (up 3%) from last month, following several inventory declines.
At the current rate of sales over a 3-month period, this represents an inventory of 5 months for detached homes (up from 4 months last month), and 2.6 months for attached properties, down from 2.9 months last month; the Del Mar housing market is a seller’s market for detached homes, and 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 real estate 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.