What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for March 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 March 2020 there were 17 Solana Beach homes sold, 2 more than last month (up 13%). Here are the highlights:
Detached Homes Sold
7 (no change), 58 Days on Market, Average Sales Price $2,055,357 (down 21%), Average sales price was 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
10 (up 20%), 12 Days on Market, Average Sales Price $983,600 (down 18%), Average sales price was 100% of original asking price
Overall sales volume in the Solana Beach housing market for March shifted up modestly from February due to more attached homes being sold. The average sales price decreased significantly for detached homes – last month’s higher average was due to the sale of 2 homes for over $4M. Similarly, the average sale price of attached homes last month was substantially higher due to 5 of the 8 homes selling for over $1 million.
The average marketing time dropped modestly in March for detached homes, but significantly so for attached home sales.
Buyers were able to negotiate their sales prices down from original list price, on average 2 - 4%. 9 homes (53%) sold for asking price or higher, with 18% of the transactions selling for cash.
The median sales price of a detached home was $1,750,000 (down 12%), and $1,036,000 (down 6%) 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 March 2020 there were 47 homes for sale in Solana Beach (ranging in price from $488,000 to $6,950,000), an increase of 18% from February and good news for buyers. Solana Beach has a housing inventory of only 2.8 months for attached homes (up from 2.1 months last month) and 2.7 months for detached (up from 2.1 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 last month (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 March 21 new listings came on the Solana Beach real estate market, 2 fewer than last month (23); the number of homes going pending (excluding homes that closed in March) was down substantially from February, with 8 pendings compared to 16 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.
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as the result of the Stay-at-Home Order that impact home purchases and sales in our area. Much of the real estate transaction is now being done virtually. I am happy to share that information with you and answer any questions about what this means for buyers and sellers, and what to expect.