What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for June 2019
Understanding recent trends and current market conditions is essential so buyers and sellers can make informed decisions about buying or selling Solana Beach Homes for Sale.
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The following data are taken from the San Diego MLS for Solana Beach home listings and sales (private sales are not included, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time this report was published, but are not guaranteed.
In June 2019 there were 12 Solana Beach homes sold, 40% fewer sales than in May. Here are the highlights
Detached Homes Sold
6 (down 40%), 29 Days on Market, Average Sales Price $1,500,833 (down 32%), Average sale 97% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
6 (down 40%), 22 Days on Market, Average Sales Price $832,416 (up 4%), Average sale 100% of original asking price
Overall sales volume in the Solana Beach housing market for June dropped significantly compared to May. Average sales prices decreased for detached homes, in large part due to the sale of 1 home at $3.25M and 1 at $4.5M that had raised the average in May; there was a modest increase in average price for attached single family homes. Average marketing time did not change for detached homes but increased just slightly for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 1 - 3%. However, a total of 7 home buyers (58%) paid asking price or better for their new homes. 17% of the homes sold for cash, compared to 45% last month.
The median sales price of a detached home was $1,518,000 (up 11%), and $737,250 (down 30%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of June 2019 there were 65 homes for sale in Solana Beach, the same as last month. There were no contingent listings, the same as for the last 3 months (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals due to offers that are contingent).
Solana Beach has a housing inventory of 4.5 months for attached homes (down from 5 months last month) and 4.6 months for detached (up from 4.5 months last month) based on the current rate of sales over the last 3 months. Housing is a sellers’ market for attached home buyers, and has become more competitive as a seller’s market for detached single family home buyers.
In June 25 new listings hit the Solana Beach real estate market, a 37% decrease from May; the number of homes going pending (excluding homes that sold in June) also dropped, but only by 1, to 16.
Please give me a call at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have about the market and how local market conditions affect your buying and selling needs and plans. Then we can create a strategy to help you buy or sell your Solana Beach home in 2019.