What’s the Value of My Cardiff-by-the-Sea Home?
Market Report April 2020 - an Unusual Month
It’s important for buyers and sellers in the Cardiff real estate market to have accurate and current 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 conditions can affect your decisions. The pandemic is causing some market shifts as well!
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.
Read More About Cardiff-by-the-Sea:
Here’s a summary of the Cardiff real estate market for April 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). The housing market was dramatically different in April, with only 1 home sold compared to 7 in March – no doubt the pandemic had a big impact on showings and sales.
Detached Homes Sold
1 (85% fewer sales); 0 Days on Market, Sales Price was $720,000, at 99% of the original asking price of $725,000.
Attached Homes (condos, town homes, twin homes) Sold - NONE
The overall volume of sales in Cardiff shifted markedly from last month, with only 1 detached home sale that sold for cash. There clearly was some networking going on between the listing and selling agents since the home never hit the MLS until it was noted as sold.
At the end of April 2020 there were no homes in the Cardiff housing market with a Contingent status, the same as the last 6 months (i.e., some Contingent listings are short sale and REO homes with accepted offers being reviewed by the lenders, but often when they occur they are first right of refusals).
At the end of April 2020 there were 41 Cardiff homes for sale, the most inventory we have seen since August of 2019. This is a substantial jump by 41% from March, despite the pandemic, and good news for buyers. Those listings range in price from $609,000 to $5,395,000. There are 8 months of inventory for attached homes (up from 4.1 months last month), and 7.5 months for detached homes (up from 2.7 months last month), based on the rate of sales over the last 3 months.
As a result of having only 1 sale in April, along with the substantial increase in inventory and apparently lower demand, the Cardiff market shifted in April to a buyer’s market for both detached and attached homes, something we have not seen for a long time. It will be interesting to see what May statistics look like.
16 Cardiff listings came on the market in April, compared to 13 in March. 4 homes went pending in April (not counting the 1 that sold), compared to 3 in March.
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 very small volume of sales one should not draw firm conclusions about pricing and other trends in Cardiff by the Sea, especially given the pandemic and the market shifts Cardiff is seeing during this time.
Keep in mind that average prices are significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low as it has been.
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.
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.