What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for November 2019
Buyers and sellers in the Cardiff real estate market need accurate and up to date information about the current local market conditions in order to make informed decisions about Cardiff homes for sale. Local market conditions have a big impact on buying and selling – inventory, pricing, competition, time on market - and you need to understand these circumstances and how they could affect you.
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Here is a summary of the Cardiff real estate market for November 2019 based on information provided by the MLS (private sales are not included; data are believed to be accurate as of this writing but are not guaranteed). A total of 11 homes sold during November, down 31% from last month.
Detached Homes Sold
7 (down 42%); Average of 32 Days on Market, Average Sales Price $1,329,571 (down 19%); Average sale was 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
4 (no change); 60 Days on Market, Sales Price $1,024,088 (down 32%); Sale was 95% of original asking price
The overall volume of sales in Cardiff was down substantially from last month, due to the decline in detached home sales. 45% of the transactions in November were for cash, compared to 31% last month. The average sales price for both detached and attached homes declined from last month.
Home buyers negotiated 4 to 5% off the original asking price, on average; 2 home buyers paid asking price for their homes. The average time on market decreased from last month for detached single family homes, but was longer for attached home sales.
At the end of November 2019 there were no homes in the Cardiff housing market with a Contingent status, the same as last month (i.e., some Contingent listings are short sale and REO homes that have accepted offers being reviewed by the lenders, but these days when they occur most tend to be first right of refusals where offers have been accepted that are contingent on the sale of a buyer’s home).
As of the end of November 2019 there were 31 Cardiff homes for sale, down 11% from October; homes range in price from $589,000 to $4,695,000. We have 2.5 months of inventory for attached homes (down from 2.7 months last month), and 2.5 months for detached homes (down from 3 months last month), based on the rate of sales over the last 3 months. The Cardiff market remains a very strong seller’s market.
12 Cardiff listings came on the market in November, 33% fewer new listings than in October, perhaps not surprising given the holidays. 10 homes went pending in November (not counting those that sold), compared to 14 in October.
Data are based on information provided by the MLS. If you would like more details about the Cardiff real estate market with regard to current activity, as well as the specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these specific areas for you and to assist you with the sale or purchase of a home in Cardiff by the Sea.
Due to the relatively small volume of sales one should not draw firm conclusions about pricing and other trends in Cardiff by the Sea.
Keep in mind that average prices can be significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
Please reach out to me at (760) 840-1360 so we can discuss your housing needs, lifestyle, and budget, answer all of your questions, and create a strategy to help you buy and/or sell your Cardiff home in 2019 or as we head into 2020.