What’s the Value of My Del Mar Home?
Del Mar Home Sales for March 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 back in 2007 (at about $48,000,000). This beautiful oceanfront estate was listed in 2019 for sale at $48M for 14 months and just sold this month for $43,000,000 cash!
Up to date information on the local Del Mar housing market conditions are important to help buyers and sellers make informed 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)
18 homes sold in Del Mar in March, a 20% increase from February. Here's a summary of what happened:
Detached Homes Sold
12 (up 9%), 87 Days on Market, Average Sales Price $6,136,872 (up 168%); Average sale 95% of original asking price
Attached Homes Sold
6 (up 50%), 58 Days on Market, Average Sales Price $1,002,500 (up 48%), Average sale 93% of original asking price
Overall sales for March rose by from February, with more detached and attached sales than last month. The average sales price increased at a phenomenal level for detached homes – no doubt the sale of a $43,000,000 oceanfront home had a big impact, along with 4 other sales over $3M, 1 at $7.6M. The average sales price for attached homes also increased, with 5 of the 6 sales over $1M which raised the average.
Average marketing time was longer for detached homes than last month (the high end sale took 14 months to sell which raised the average), as it was for attached homes.
The median price for detached homes at $2,000,000 was 16% higher, and also rose to $1,379,000 (up 38%) for attached home sales compared to last month.
Buyers were able to negotiate, on average, 5 - 7% off the original list price on their home purchases; 2 detached homes sold for asking price, and an attached home closed at 103% of the original asking price. 61% of the transactions were for cash.
In March 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 that has been waiting many months for approval.
The number of new listings in March dropped by 3 (14%) to 27 from last month, but we still saw a new listing about every day on average. Similarly the number of Del Mar homes going pending (excluding homes that sold) dropped from 19 pendings to 11, possibly an impact of the current market conditions.
There were 76 Del Mar homes for sale at the end of March, an increase in inventory, by 9% from last month. At the current rate of sales over a 3-month period, this represents an inventory of 4.5 months for detached homes (down from 4.7 months last month), and 5.6 months for attached properties, up from 4.8 months last month.
The Del Mar housing market remains a seller’s market for buyers of detached homes and is shifting towards a balanced market for attached 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 February 2020
