What’s the Value of My Cardiff-by-the-Sea Home?
Home Sales for August 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 August 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 August, the same as last month.
Detached Homes Sold
7 (down 30%); Average of 58 Days on Market, Average Sales Price $1,852,571 (up 39%); Average sale was 92% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
4 (up 300%); 20 Days on Market, Sales Price $946,500 (down 17%); Sale was 97% of original asking price
The overall volume of sales in Cardiff was the same as last month, but with a drop in detached home sales but an increase in attached sales. 18% of the transactions in August were for cash, compared to 45% last month. The average sales price for detached homes rose significantly, no doubt fueled by the sale of 5 homes over $1.3M (including 1 at $3.25M and 1 at $2.998M that raised the average); the average attached home sales price was lower in August (keep in mind that only 1 attached home sold last month at $1.145M).
Home buyers negotiated between 3 and 8% of the original asking price, on average; 1 detached home buyer paid over asking price, and one buyer bought their attached property for list price. The average time on market increased from last month for the detached single family homes but dropped slightly for the attached home sales.
At the end of August 2019 there were no homes in the Cardiff housing market with a Contingent status, the same as the last 2 months (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 August 2019 there were 44 Cardiff homes for sale, 3 more than in July; homes range in price from $615,000 to $4,695,000. This represents an inventory of 2.6 months for attached homes (up from 2.2 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, especially for attached home buyers.
18 Cardiff listings came on the market in August, 50% more than in July, which is good news for buyers. 13 homes went pending in August (not counting those that sold), the same as 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.