What’s the Value of My Cardiff-by-the-Sea Home?
Home Sales for February 2020
Buyers and sellers in the Cardiff real estate market should have accurate and current information about the 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 how these conditions can affect your decisions.
Read More About Cardiff-by-the-Sea:
Here’s a summary of the Cardiff real estate market for February 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). 8 homes sold during February, 33% fewer sales than last month, following an increase in sales in January from December.
Detached Homes Sold
6 (down 40%); Average of 38 Days on Market, Average Sales Price $1,719,250 (up 27%); Average sales price was 97% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
2 (no change); 4 Days on Market, Sales Price $912,000 (up 53%); Both sales sold at original asking price
The overall volume of sales in Cardiff dropped from last month. 25% of the transactions in February were for cash, compared to 58% last month. The average sales price for attached homes rose from last month (but there were only 2 sales like last month), and was also substantially higher for detached homes, likely due to 2 homes selling for $2.275M and $2.575M raised the average compared to last month.
Home buyers of detached homes negotiated 3% off the original asking price, on average, with the 2 attached homes both selling at full asking price. The average time on market decreased from last month for detached single family homes; 1 attached home sold in 8 days, the other sold before it was relisted on the MLS.
At the end of February 2020 there were no homes in the Cardiff housing market with a Contingent status, the same as the last 4 months (i.e., some Contingent listings are short sale and REO homes with accepted offers being reviewed by the lenders, but more often when they occur they are first right of refusals where offers have been accepted contingent on the sale of a buyer’s home).
As of the end of February 2020 there were 22 Cardiff homes for sale, up 22% from January and good news for buyers; current listings range in price from $1,264,900 to $5,295,000. We have 3 months of inventory for attached homes (up from 1.7 months last month), and only 2 months for detached homes (up from 1.7 months last month), based on the rate of sales over the last 3 months. The Cardiff market continues to be a very strong seller’s market.
14 Cardiff listings came on the market in February, compared to 13 in January. 6 homes went pending in February (not counting those that sold), compared to 9 in January.
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.