What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for January 2020
Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in North San Diego County.
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 January 2020 there were 18 Solana Beach homes sold, the same as in December. Here are the highlights:
Detached Homes Sold
9 (up 13%), 93 Days on Market, Average Sales Price $2,001,277 (up 63%), Average sale was 88% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
9 (down 10%), 94 Days on Market, Average Sales Price $1,092,400 (up 5%), Average sale was 91% of original asking price
Overall sales volume in the Solana Beach housing market for January did not change from December – there was 1 more detached home sold, and 1 less attached. NOTE - The average sales price increased significantly for detached homes; this is clearly due to the sale of a home at $3,000,000 that was listed twice, plus a $3,425,000 sale, thus raising the average. Similarly the average sale price of attached homes was inflated due to a $1,620,000 sale listed and counted twice.
The average marketing time was significantly longer for detached homes in January due to 2 listings that took almost 200 days to sell (detached); the same was true for marketing time for attached homes, with 2 sales at 248 and 264 days raising the average.
Buyers were able to negotiate their sales prices down from original list price, on average 9 - 12%. All homes sold below asking price, with 50% selling for cash.
The median sales price of a detached home was $1,150,000 (up 72%), and $1,030,000 (up 2%) for attached. Given the small number of sales, you should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of January 2020 there were 37 homes for sale in Solana Beach (ranging in price from $539,900 to $6,950,000), just 1 less than in December. Solana Beach has a housing inventory of only 1.9 months for attached homes (no change from last month) and 2.5 months for detached (down from 3.5 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).
In January 22 new listings came on the Solana Beach real estate market, substantially more than last month (15); the number of homes going pending (excluding homes that sold in January) was about the same as in December, with 15 pendings compared to 14 last month.
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 2020.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in December 2019
