What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for September 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 September 2019 there were 21 Solana Beach homes sold, with 3 more sales (up 17%) than last month. Here are the highlights:
Detached Homes Sold
15 (up 67%), 59 Days on Market, Average Sales Price $1,614,243 (down 15%), Average sale 95% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
6 (down 33%), 16 Days on Market, Average Sales Price $1,124,000 (up 3%), Average sale 97% of original asking price
Overall sales volume in the Solana Beach housing market for September went up modestly overall, but with significantly more detached homes sold, and fewer attached home sales compared to last month. The average sales price decreased fairly substantially for detached homes, in large part due to the sale of 3 homes for more than $2M last month that raised the average; there was a slight increase in average sales price for attached single family homes. Average marketing time increased for detached homes but declined substantially for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 5%. However, 4 home buyers (24%) paid asking price or better for their new homes. 29% of the homes sold for cash, compared to 33% last month.
The median sales price of a detached home was $1,361,000 (down 28%), and $880,000 (down 9%) 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 September 2019 there were 62 homes for sale in Solana Beach, the same as last month. Solana Beach has a housing inventory of 3.6 months for attached homes (down from 4 months last month) and 2.8 months for detached (down from 3.4 months last month) based on the current rate of sales over the last 3 months. At this time the housing market favors sellers for attached and detached single family homes.
There were no contingent listings, compared to 1 last month (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).
In September 30 new listings hit the Solana Beach real estate market, a 20% decrease from August; the number of homes going pending (excluding homes that sold in September) also declined, by 1, to 12 (down 8%).
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.