What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for July 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 July 2019 there were 18 Solana Beach homes sold, 50% more sales than in June. Here are the highlights:
Detached Homes Sold
7 (up 17%), 29 Days on Market, Average Sales Price $2,335,714 (up 56%), Average sale 93% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
11 (up 83%), 31 Days on Market, Average Sales Price $862,989 (up 4%), Average sale 99% of original asking price
Overall sales volume in the Solana Beach housing market for July rose significantly compared to June. The average sales price increased substantially for detached homes, in large part due to the sale of 3 homes for more than $2M, with 1 at $7.8M; there was a modest increase in average sales price for attached single family homes. Average marketing time did not change for detached homes but increased modestly for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 1 - 7%. However, 2 home buyers paid asking price or better for their new homes. 44% of the homes sold for cash, compared to 17% last month.
The median sales price of a detached home was $1,300,000 (down 14%), and $765,000 (up 4%) 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 July 2019 there were 57 homes for sale in Solana Beach, 12% fewer than last month. There were no contingent listings, the same as for the last 4 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 2.9 months for attached homes (down from 4.5 months last month) and 3.9 months for detached (down from 4.6 months last month) based on the current rate of sales over the last 3 months. Housing is a strong sellers’ market for attached home buyers, and a seller’s market for detached single family home buyers.
In July 27 new listings hit the Solana Beach real estate market, an 8% increase from June and good news for home buyers; the number of homes going pending (excluding homes that sold in July) also rose, by 4, to 20 (up 25%).
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.