What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for April 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.
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 the Solana Beach Community:
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 April 2020 there were 9 Solana Beach homes sold, 47% fewer than last month, no doubt due to the pandemic. Here are the highlights:
Detached Homes Sold
3 (57% fewer), 85 Days on Market, Average Sales Price $2,558,931 (up 25%), Average sales price was 93% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
6 (down 40%), 55 Days on Market, Average Sales Price $898,666 (down 9%), Average sales price was 94% of original asking price
Overall sales volume in the Solana Beach housing market for April dropped significantly from March with sales of both detached and attached homes declining, no doubt impacted by the pandemic. The average sales price increased significantly for detached homes, no doubt the result of the sale of 2 homes at $2.555M and $3.5M that raised the average. In contrast the average sale price of attached homes was lower than last month.
The average marketing time in April was longer for both detached homes and attached home sales.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 6%. 1 attached home sold for asking price, with 33% of the transactions selling for cash.
The median sales price of a detached home was $2,255,000 (up 29%), and $861,500 (down 17%) 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 April 2020 there were 49 homes for sale in Solana Beach (ranging in price from $465,500 to $5,500,000), 2 more than last month, despite the pandemic, and good news for buyers. Solana Beach has a housing inventory of only 3.3 months for attached homes (up from 2.8 months last month) and 4.1 months for detached (up from 2.7 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 the last 2 months (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 April 14 new listings came on the Solana Beach real estate market, 33% fewer than last month (21); the number of homes going pending (excluding homes that sold in April) was also down substantially from March, with 3 pendings compared to 8 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: Please be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as a 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 which is good for both buyers and seller. I am happy to share more information with you and answer any questions about what these procedures mean for buyers and sellers, and what you can expect when selling or buying a home.