What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in September 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 (at about $48,000,000). Ironically, that same oceanfront property is listed for sale at $48M and has been since January 2019!
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 September 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).
21 homes sold in Del Mar in September 2019, the same as in August. Here's a summary of what happened:
Detached Homes Sold
14 (down 7%), 68 Days on Market, Average Sales Price $4,012,759 (up 17%); Average sale 92% of original asking price
Attached Homes Sold
7 (up 17%), 52 Days on Market, Average Sales Price $1,114,714 (down 8%), Average sale 94% of original asking price
Overall sales volume for September did not change but detached homes sales went down by 1 and attached sales were higher by 1 from last month. The average sale price increased substantially for detached homes, no doubt due to the sale of 4 homes over $4M, 1 at $23,250,000, that raised the average significantly. The average sales price for attached homes decreased modestly. Average marketing time increased modestly for detached homes but was lower for attached homes.
The median price for detached homes increased modestly, to $2,145,500 (up 2%), but declined to $990,000 (down 8%) for attached home sales in September versus last month.
Buyers were able to negotiate, on average, 6 - 8% off the original list price in their home purchases; 3 home buyers paid full price for their homes. 38% of the sales were cash transactions, compared to 33% in August.
In September 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.
The number of new listings in September went up by 1 from last month, to 30. In contrast the number of Del Mar homes going pending (excluding homes that sold) dropped from 19 to 13 pendings (down 32%).
There were 99 Del Mar homes for sale at the end of September, an increase in inventory by 14% from last month following a decline in August, and good news for buyers. At the current rate of sales over a 3-month period, this represents an inventory of 4.5 months for detached homes (down from 4.6 months last month), and 3.9 months for attached properties, up from 3.2 months last month; the Del Mar housing market is a seller’s market for buyers of detached and 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 about your home search or the housing market. 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.