What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff-by-the-Sea Home Sales for July 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.
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Here is a summary of the Cardiff real estate market for July 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 11 homes sold during July, 3 fewer than in June (down 21%).
Detached Homes Sold
10 (up 100%); Average of 30 Days on Market, Average Sales Price $1,330,350 (down 20%); Average sale was 95% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
1 (down 89%); 23 Days on Market, Sales Price $1,145,000 (down 7%); Sale was 92% of original asking price
The overall volume of sales in Cardiff dropped from last month, another drop, but this was due to a large drop in attached sales coupled with a big jump in detached home sales. 45% of the transactions in July were for cash, compared to 29% last month. The average sales price for both detached and attached homes dropped in July.
Home buyers negotiated between 5 and 8% of the original asking price, on average; 1 buyer paid full price and one went over asking for their new home. The average time on market increased from last month for the detached single family homes.
At the end of July 2019 there were no homes in the Cardiff housing market with a Contingent status, like 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 when they occur 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 July 2019 there were 41 Cardiff homes for sale, the same as in June; homes ranged in price from $615,000 to $6,495,000. This represents an inventory of 2.2 months for attached homes (up from 1.9 months last month), and 3.7 months for detached homes (down from 4.6 months last month) based on the rate of sales over the last 3 months. The Cardiff market remains a seller’s market, which is especially true for attached home buyers.
18 Cardiff listings came on the market in July, 10% fewer than in June. 13 homes went pending in July (not counting those that sold), up by 8% from last month.
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 significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
Please reach out to me at (760) 840-1360 so we can discuss your housing needs, lifestyle, and budget, answer all of your questions, and create a strategy to help you buy and/or sell your Cardiff home in 2019.