What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for March 2020
It’s important for buyers and sellers in the Cardiff real estate market to have accurate and up to date information about 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 in terms of inventory, pricing, competition, time on market, and you need to understand how these can affect your decisions.
Read More About Cardiff-by-the-Sea:
Cardiff by the Sea – Quintessential Beach Community
Like to Walk? Live in the Walking District in Cardiff CA
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Here’s a summary of the Cardiff real estate market for March 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). 7 homes sold during March, 1 less than last month.
Detached Homes Sold
4 (down 33%); Average of 113 Days on Market, Average Sales Price $2,490,750 (up 45%); Average sales price was 93% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
3 (up 50%); 8 Days on Market, Average Sales Price $765,000 (down 16%); All 3 sales sold at original asking price or above
The overall volume of sales in Cardiff dropped from last month, with 2 fewer detached sales but 1 more attached. None of the transactions in March were for cash, compared to 25% last month. The average sales price for attached homes dropped from last month (but with only 3 sales), but was substantially higher for detached homes, and likely due to 2 home sales at $2.650M and $4.333M that raised the average significantly compared to last month.
Home buyers of detached homes negotiated 7% off the original asking price, on average, however all 3 attached homes sold at full asking price or higher. The average time on market increased from last month for detached single family homes (one high end home took 304 days to sell which raised the overall average), while all 3 attached homes sold in 8 days or less.
At the end of March 2020 there were no homes in the Cardiff housing market with a Contingent status, the same as the last 5 months (i.e., some Contingent listings are short sale and REO homes with accepted offers being reviewed by the lenders, but typically 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 March 2020 there were 29 Cardiff homes for sale, up 22% from February and good news for buyers; current listings range in price from $585,000 to $5,295,000. We have 4.1 months of inventory for attached homes (up from 3 months last month), and 2.7 months for detached homes (up from 2 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 at the moment for detached homes and a strong market for sellers of attached homes, despite the coronavirus and California’s stay-at-home order effective March 19th.
13 Cardiff listings came on the market in March, compared to 14 in February. 3 homes went pending in March (not counting those that sold), compared to 6 in February.
4 homes listed in March were withdrawn from the market, 2 specifically mentioning the coronavirus; reasons are unknown for the other 2 listings.
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 as it currently is.
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.
IMPORTANT NOTE: Please keep in mind there are specific CDC recommendations in place, and some new procedures as the result of the Stay-at-Home Order that impact home purchases and sales in our area; I am happy to share that information with you and answer any questions about what this means for buyers and sellers.
SEARCH HOMES FOR SALE IN CARDIFF BY THE SEA
READ MORE:
What’s My Cardiff-by-the-Sea Home Worth? Market Report for February 2020
