What’s the Value of My Del Mar Home?
Del Mar Home Sales in February 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 This oceanfront estate has been listed for sale at $48M for about a year, but was recently withdrawn from the market, at least for now!
Up to date information on the local Del Mar housing market conditions can 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)
15 homes sold in Del Mar in February 2020, a 15% increase from January. Here's a summary of what happened:
Detached Homes Sold
11 (up 38%), 66 Days on Market, Average Sales Price $2,285,545 (down 17%); Average sale 92% of original asking price
Attached Homes Sold
4 (down 20%), 39 Days on Market, Average Sales Price $1,002,500 (down 25%), Average sale 96% of original asking price
Overall sales for February rose modestly from January, with a decline in attached home sales but with 3 more detached sales than last month. The average sales price decreased for detached, despite 4 homes selling for over $2.5 million. The average sales price for attached homes decreased - it’s important to note that 1 attached property was listed twice (a co-listing), so the true average for the 3 sales is less. Average marketing time was substantially shorter for detached homes, but longer for attached homes than in January.
The median price for detached homes at $2,000,000 was 7% higher, but dropped significantly to $1,002,500 (down 19%) for attached home sales from last month.
Buyers were able to negotiate, on average, 4 - 8% off the original list price on their home purchases; 1 home buyer paid asking price. 13% of the sales were for cash.
In February there was 1 Del Mar home on the market with a Contingent status, compared to 3 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). This home is a court approval and the same one on the market last month.
The number of new listings in February dropped by 5 (14%) from last month but we still saw a new listing every day on average. On the other hand the number of Del Mar homes going pending (excluding homes that sold) rose from 15 pendings to 19.
There were 70 Del Mar homes for sale at the end of February, another decrease in inventory, by 5% 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 4.7 months for detached homes (down from 6.4 months last month), and 4.8 months for attached properties, the same as last month.
The Del Mar housing market remains a seller’s market for buyers of attached homes and has shifted from a balanced market back to a seller’s 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 January 2020
