What’s the Value of My Del Mar Home?
Del Mar Home Sales for April 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 had been listed for sale at $48M for about a year and sold last month for $43,000,000!
Up to date information on the local Del Mar housing market conditions helps 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).
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
13 homes sold in Del Mar in April, a 28% decrease from March, perhaps not a surprise given the pandemic. Here's a summary of what happened:
Detached Homes Sold
9 (down 25%), 42 Days on Market; Average Sales Price $6,136,872 (down 71%); Average sale was 91% of original asking price
Attached Homes Sold
4 (down 33%), 37 Days on Market; Average Sales Price $574,812 (down 43%); Average sale was 104% of original asking price
Overall sales for April dropped from March, with fewer detached and attached sales than last month. The average sales price decreased at for detached homes – no doubt the sale of a $43,000,000 oceanfront home last month significantly impacted the average, along with 4 other sales over $3M, 1 at $7.6M. The average sales price for attached homes also decreased, again a shift from a high average last month due to 5 of the 6 sales at over $1M.
Average marketing time was shorter for detached homes as well as for attached homes.
The median price for detached homes at $1,787,000 was 11% lower, and also dropped to $444,625 (down 68%) for attached home sales from last month.
Buyers were able to negotiate, on average, 5 - 9% off the original list price on their home purchases; 3 homes sold for asking price. 15% of the sales were for cash compared to 61% in March.
In April there was 1 Del Mar home on the market with a Contingent status, the same as 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 for many months for approval.
The number of new listings in April dropped by 30% to 19 from last month, not a big surprise given the pandemic. Similarly the number of Del Mar homes going pending (excluding homes that sold) dropped from 11 pendings to 9.
There were 75 Del Mar homes for sale at the end of April, about the same as last month (76) which is good news during the pandemic. At the current rate of sales over a 3-month period, this represents an inventory of 4.6 months for detached homes (up from 4.5 months last month), and 5.6 months for attached properties, the same as last month.
The Del Mar housing market remains a seller’s market for buyers of detached homes and is trending toward being a balanced market for buyers of attached homes.
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, and 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.