What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for October 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.
READ MORE about the Solana Beach Community:
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 October 2019 there were 17 Solana Beach homes sold, with 4 fewer sales (down 19%) than last month. Here are the highlights
Detached Homes Sold
6 (down 60%), 42 Days on Market, Average Sales Price $1,776,500 (up 10%), Average sale 94% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
11 (up 83%), 50 Days on Market, Average Sales Price $1,124,000 (up 3%), Average sale 96% of original asking price
Overall sales volume in the Solana Beach housing market for October went down overall, with significantly fewer detached homes sold, but substantially more attached home sales compared to last month. The average sales price increased for detached homes while there was a decrease in average sales price for attached single family homes. Average marketing time went down for detached homes but rose significantly for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 4 - 6%. However, 2 home buyers paid over asking price for their new homes. 35% of the homes sold for cash, compared to 29% last month.
The median sales price of a detached home was $1,487,500 (up 9%), and $825,000 (down 6%) 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 October 2019 there were 61 homes for sale in Solana Beach, about the same as last month (62). Solana Beach has a housing inventory of 4 months for attached homes (up from 3.6 months last month) and 2.6 months for detached (down from 2.8 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, the same as 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 October 27 new listings hit the Solana Beach real estate market, a 10% decrease from September; in contrast, the number of homes going pending (excluding homes that sold in October) increased significantly 22 (up 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.