What’s the Value of My Del Mar Home?
Del Mar Home Sales in October 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 this same oceanfront estate is currently listed for sale at $48M!
Up to date information on the local Del Mar housing market conditions can help buyers and sellers make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for Del Mar for October 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).
17 homes sold in Del Mar in October 2019, a 19% decline from September. Here's a summary of what happened:
Detached Homes Sold
13 (down 7%), 74 Days on Market, Average Sales Price $3,189,834 (down 21%); Average sale 93% of original asking price
Attached Homes Sold
4 (down 43%), 43 Days on Market, Average Sales Price $796,906 (down 29%), Average sale 96% of original asking price
Overall sales for October dropped fairly substantially, especially for attached home sales. The average sale price decreased substantially for detached homes, no doubt due to the sale last month of 4 homes over $4M, 1 at $23,250,000, that had raised the average significantly (despite 2 high-end sales in October at $7.1M and $10.5M). The average sales price for attached homes decreased significantly but keep in mind there were only 4 sales. Average marketing time increased modestly for detached homes but was lower for attached homes.
The median price for detached homes decreased modestly, to $2,020,000 (down 6%), and also declined to $766,812 (down 23%) for attached home sales in October versus last month.
Buyers were able to negotiate, on average, 4 - 8% off the original list price on their home purchases; 1 home buyer paid full price for their home, another paid over asking. 35% of the sales were cash transactions, compared to 38% in September.
In October there was 1 Del Mar home on the market with a Contingent status, the same as last month (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 October dropped by 17% from last month, to 25. Similarly the number of Del Mar homes going pending (excluding homes that sold) dropped from 13 to 11 pendings (down 15%).
There were 96 Del Mar homes for sale at the end of October, a decrease in inventory by 3% from last month. At the current rate of sales over a 3-month period, this represents an inventory of 5.1 months for detached homes (up from 4.5 months last month), and 4.4 months for attached properties, up from 3.9 months last month; the Del Mar housing market remains 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. 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.