What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for February 2020
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.
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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 February 2020 there were 15 Solana Beach homes sold, 17% fewer than last month. Here are the highlights
Detached Homes Sold
7 (down 22%), 63 Days on Market, Average Sales Price $2,605,607 (up 30%), Average sale was 93% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
8 (down 11%), 35 Days on Market, Average Sales Price $1,201,500 (up 10%), Average sale was 97% of original asking price
Overall sales volume in the Solana Beach housing market for February shifted downward from January, and for both detached and attached homes. The average sales price increased significantly for detached homes; this is clearly due to the sale of 2 homes over $4 million, thus raising the average. Similarly the average sale price of attached homes was higher due to 5 of the 8 homes selling for over $1 million.
The average marketing time dropped significantly in February for both detached and attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 7%. 5 homes (33%) sold for asking price, with 40% of the transactions selling for cash.
The median sales price of a detached home was $2,000,000 (up 74%), and $1,099,000 (up 7%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of February 2020 there were 40 homes for sale in Solana Beach (ranging in price from $525,000 to $10,500,000), an increase of 8% from January and good news for buyers. Solana Beach has a housing inventory of only 2.1 months for attached homes (up from 1.9 months last month) and 2.1 months for detached (up from 2.5 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 the last 2 months (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 February 23 new listings came on the Solana Beach real estate market, about the same as last month (22); the number of homes going pending (excluding homes that sold in February) was also about the same as in January, with 16 pendings compared to 15 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.