What’s the Value of My Del Mar Home?
Del Mar Home Sales for December 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). This oceanfront estate in the Del Mar Beach Colony is again listed for sale at $48M!
Up to date information on the local Del Mar housing market conditions can help buyers and sellers make educated decisions about Del Mar homes for sale. These statistics were obtained from the MLS for December 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).
15 homes sold in Del Mar in December 2019, a 50% increase from November – who says buyers are not busy during the holiday season. Here's a summary of what happened:
Detached Homes Sold
11 up 83%), 79 Days on Market, Average Sales Price $2,506,909 (up 9%); Average sale 90% of original asking price
Attached Homes Sold
4 (no change), 64 Days on Market, Average Sales Price $665,000 (down 48%), Average sale 97% of original asking price
Overall sales for December rose fairly substantially due to the increase in detached home sales. The average sales price increased modestly for detached homes no doubt due to the sale of 3 homes over $3M. In contrast the average sales price for attached homes decreased significantly and likely the result of the sale last month of 2 homes selling for over $1.6M raising the average. Average marketing time was substantially longer for both detached and attached homes, over 2 months.
The median price for detached homes increased modestly, to $1,856,000 (up 7%), but dropped significantly to $472,500 (down 66%) for attached home sales from last month.
Buyers were able to negotiate, on average, 3 - 10% off the original list price on their home purchases; 1 home buyer paid full price. Only 1 sale was a cash transaction, compared to 35% in October.
In December there was 3 Del Mar homes 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). One was a court approval, the other 2 were first right of refusals.
The number of new listings in December dropped significantly by 62% from last month, to 8, not a surprise for the holidays. Similarly the number of Del Mar homes going pending (excluding homes that sold) dropped from 15 pendings to 10.
There were 84 Del Mar homes for sale at the end of December, another decrease in inventory, by 21% from last month. At the current rate of sales over a 3-month period, this represents an inventory of 4.9 months for detached homes (down from 5.9 months last month), and 4.3 months for attached properties, up from 3.8 months last month. The Del Mar housing market remains a seller’s market for buyers of attached homes and has shifted from a balanced market to one favoring sellers for detached home buyers.
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, especially at the high end, 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.