What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for November 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 November 2019 there were 9 Solana Beach homes sold, down 47% from last month. Here are the highlights
Detached Homes Sold
4 (down 33%), 48 Days on Market, Average Sales Price $3,469,250 (up 95%), Average sale 94% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
5 (down 55%), 43 Days on Market, Average Sales Price $1,072,000 (down 5%), Average sale 94% of original asking price
Overall sales volume in the Solana Beach housing market for November went down markedly, with significantly fewer detached and attached homes sold compared to last month. The average sales price increased significantly for detached homes, however this was clearly due to the sale of a home at $8,595,000 that raised the average of the 4 sales dramatically; the average price of an attached home also dropped also but modestly. Average marketing time was longer for detached homes but somewhat less for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 6%. 1 home buyer paid full price for their house, and another paid over asking price for their new homes. 44% of the homes sold for cash, compared to 35% last month.
The median sales price of a detached home was $2,041,000 (up 37%), and $1,025,000 (up 24%) 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 November 2019 there were 54 homes for sale in Solana Beach (ranging in price from $539,900 to $6,950,000), an 11% decline from last month (61), and a trend we saw in other communities. Solana Beach has a housing inventory of 3 months for attached homes (down from 4 months last month) and 3.8 months for detached (up from 2.6 months last month) based on the current rate of sales over the last 3 months. At this time the housing market favors sellers for both 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 on buyers' selling their homes).
In November 26 new listings came on the Solana Beach real estate market, about the same as last month (27); in contrast, the number of homes going pending (excluding homes that sold in November) increased from 22 to 27, another busy month of real estate activity.
Please reach out to me 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 and/or sell your Solana Beach home in 2020.