What’s the Value of My Del Mar Home?
Del Mar Home Sales in January 2020
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 is currently listed for sale at $48M!
Up to date information on the local Del Mar housing market conditions will help buyers and sellers make educated decisions about Del Mar homes for sale. These statistics were obtained from the MLS (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
13 homes sold in Del Mar in January 2020, a 13% decrease from December. Here's a summary of what happened:
Detached Homes Sold
8 (down 27%), 112 Days on Market, Average Sales Price $2,769,500 (up 10%); Average sale 94% of original asking price
Attached Homes Sold
5 (up 25%), 29 Days on Market, Average Sales Price $1,328,500 (up 100%), Average sale 92% of original asking price
Overall sales for January dropped from December, with a decline in detached home sales but with 1 more attached sale than last month. The average sales price increased for detached homes, no doubt due to the sale of 1 home at $3.775M and 1 at $8M. The average sales price for attached homes increased significantly given 4 of the 5 sales sold for over $1M (2 of them over $1.6M).
Average marketing time was substantially longer for detached homes (but 4 homes were on the market for over 100 days) but dropped for attached homes.
The median price for detached homes at $1,864,000 did not change, but rose significantly to $1,232,500 for attached home sales from last month.
Buyers were able to negotiate, on average, 6 - 8% off the original list price on their home purchases; 1 home buyer paid 104% of asking price. 31% of the sales were for cash.
In January there was 3 Del Mar homes on the market with a Contingent status, the same homes 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 is a court approval, the other 2 are first right of refusals.
The number of new listings in January more than tripled to 35, good news for buyers. Similarly the number of Del Mar homes going pending (excluding homes that sold) rose from 10 pendings to 15.
There were 74 Del Mar homes for sale at the end of January, another decrease in inventory, by 12% from last month, and a trend seen in some other nearby communities. At the current rate of sales over a 3-month period, this represents an inventory of 6.4 months for detached homes (up from 4.9 months last month), and 4.8 months for attached properties, up from 4.3 months last month. The Del Mar housing market remains a seller’s market for buyers of attached homes and has shifted back to a balanced market 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 continues to shift. 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 2020, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report December 2019
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