What’s the Value of My Del Mar Home?
Del Mar Homes Sale for August 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 a number of years ago (at about $48,000,000). Ironically, that same oceanfront property is 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 August 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).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
21 homes sold in Del Mar in August 2019, down 22% from July. Here's a summary of what happened:
Detached Homes Sold
15 (down 29%), 48 Days on Market, Average Sales Price $3,428,369 (no change); Average sale 91% of original asking price
Attached (condos, twinhomes, townhomes) Homes Sold
6 (no change), 55 Days on Market, Average Sales Price $1,209,000 (up 16%), Average sale 95% of original asking price
Overall sales for August dropped for detached homes from last month but did not shift for attached. Average sales price did not shift for detached homes despite the sale of a $22M oceanfront home (the Jenny Craig estate), whereas the average sales price for attached homes increased. Average marketing time increased modestly for detached homes but was lower for attached homes.
The median price for detached homes increased slightly, to $2,100,000 (up 1%), and also increased to $1,081,000 (up 7%) for attached home sales in August compared to last month.
Buyers were able to negotiate, on average, 5 - 9% off the original list price in their home purchases; 1 home buyer paid full price, and 2 paid over asking for their homes. 33% of the sales were cash transactions, compared to 41% in July.
In August there was 1 Del Mar home 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). This is a court approval.
There were fewer new listings in August than last month, down 44% to 29, perhaps not a surprise for the summer. In contrast the number of Del Mar homes going pending (excluding homes that sold) rose to 19 pendings (up 36%).
There were 87 Del Mar homes for sale at the end of August, a modest drop in inventory, down 7%, from last month. At the current rate of sales over a 3-month period, this represents an inventory of 4.6 months for detached homes (up from 4.1 months last month), and 3.2 months for attached properties, down from 3.6 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 the market is 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 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.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report July 2019
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