What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for June 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.
READ MORE about the Solana Beach Community:
The following data are taken from the 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 June 2020 there were 10 Solana Beach homes sold, twice as many as last month. Here are the highlights:
Detached Homes Sold
4 (300% more), 37 Days on Market, Sales Price $1,902,630 (up 47%); average sales price was 90% of original asking price (1 sold at 75%)
Attached Homes (condos, town homes, twin homes) Sold
6 (up 50%), 67 Days on Market, Average Sales Price $644,983 (down 38%), Average sales price was 93% of original asking price
Overall sales volume in the Solana Beach housing market for June rose significantly from May, and especially for detached homes despite the pandemic. The average sale price for detached homes rose, in large part due to a sale at $3.3M that raised the average compared to last month.
The average marketing time for both styles of homes was longer than in May – 6 properties took more than 50 days to sell with 1 attached home taking 6 months, raising the averages.
Buyers were able to negotiate their sales prices down from original list price, on average 7 - 10%. 1 attached home sold for asking price and 1 for over asking. 20% of the sales were cash transactions.
The median sales price of an attached home was $615,000 (down 43%) clearly impacted by the shift to sales of lower priced homes. The median price of the detached sales was $1,755,761.
At the end of June 2020 there were 55 homes for sale in Solana Beach (ranging in price from $459,500 to $7,350,000), a healthy 12% increase from last month, despite the pandemic, and good news for buyers. Solana Beach has a housing inventory of 5 months for attached homes (up from 4.2 months last month) and 10 months for detached (up from 5.7 months last month) based on the current rate of sales over the last 3 months.
At this time the housing market favors sellers for attached homes but is now a buyers market for detached single family homes.
There was 1 contingent listing, versus 0 over the last 3 months (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some are first right of refusals due to contingent offers).
In June 25 new listings came on the Solana Beach real estate market, 19% more than last month, despite the pandemic, and another increase; the number of homes going pending (excluding homes that sold in June) was also substantially higher than in May, with 17 pendings compared to 10 last month, a busy month even during the pandemic.
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 develop a strategy to help you buy or sell your Solana Beach home in 2020.
Please be aware there are specific recommendations in place to help keep everyone safe, and some new procedures as a result of the pandemic that impact home purchases and sales in our area. 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 you are buying or selling a home.