What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for January 2020
Buyers and sellers in the Cardiff real estate market need accurate and up to date information about 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 conditions and how they affect you when buying or selling a home.
Read More About Cardiff-by-the-Sea:
Here’s a summary of the Cardiff real estate market for January 2020 based on data provided by the MLS (private sales are not included; data are believed to be accurate as of this writing but are not guaranteed). 12 homes sold during January, up 71% from last month, following 2 declines in monthly sales.
Detached Homes Sold
10 (up 100%); Average of 66 Days on Market, Average Sales Price $1,349,900 (down 38%); Average sales price was 87% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
2 (no change); 27 Days on Market, Sales Price $596,000 (down 39%); Average sale was 98% of original asking price.
The overall volume of sales in Cardiff rose substantially from last month. 58% of the transactions in January were for cash, compared to 14% last month. The average sales price for attached homes declined from last month (but there were only 2 sales), and was also substantially lower for detached homes, likely due to 2 homes selling for $2.8M or higher in December that raised the average for last month.
Home buyers negotiated 2 - 13% off the original asking price, on average (1 home sold for 49% of asking [probate sale], with 1 each at 72% and 76%); 3 home buyers (25%) paid asking price or higher for their homes. The average time on market increased from last month for both detached single family homes and attached, but especially for detached homes (4 homes were on the market over 100 days).
At the end of January 2020 there were no homes in the Cardiff housing market with a Contingent status, the same as the last 3 months (i.e., some Contingent listings are short sale and REO homes that have accepted offers being reviewed by the lenders, but more often when they occur they are 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 January 2020 there were 18 Cardiff homes for sale, down 10% from December; current listings range in price from $1,149,000 to $4,395,000. We have 1.7 months of inventory for attached homes (up from under 1 month last month), and 1.7 months for detached homes (down from 2 months last month), based on the rate of sales over the last 3 months. The Cardiff market remains a very strong seller’s market.
13 Cardiff listings came on the market in January, compared to 5 in December. 9 homes went pending in January (not counting those that sold), compared to 8 in December.
Data are based on information provided by the MLS. If you would like more details about the Cardiff real estate market, as well as for specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these neighborhoods 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 may be significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
I invite you to 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 2020.