What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for July 2020
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 will impact buying and selling in terms of inventory, pricing, competition, and time on market, and you should understand how these conditions can affect your buying and selling decisions. The pandemic is causing some market shifts as well!
Read More About Cardiff-by-the-Sea:
Here’s a summary of the Cardiff real estate market for July 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). There were 15 total sales in July, up 50% from June.
Detached Homes Sold
10 (up 43% from last month); Average of 26 Days on Market; Average Sales Price was $1,749,499 (up 15%); Average sale price was 104% of the original asking price.
Attached Homes (condos, town homes, twin homes) Sold
5 (up 67%); Average of 26 Days on Market, Average Sales Price was $716,999 (up 5%); Average sale price was 97% of original asking price.
The overall volume of sales in Cardiff shifted up significantly from last month, with more detached as well as attached home sales, although the overall volume is relatively small. Average marketing time was less than 1 month but ranged from 0 days (2 homes sold before processing) to 67 days. Buyers negotiated some of their purchases, but 1 home (an auction) sold at 175% of the asking price; 40% of the buyers paid asking price or more for their new homes, and 40% of the transactions were for cash.
At the end of July 2020 there were no homes in the Cardiff housing market with a Contingent status, versus 1 last month (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 July there were 41 Cardiff homes for sale, just 1 less than last month. These listings range in price from $998,000 to $6,950,000. There are 2.6 months of inventory for attached homes (down from 4.2 months last month), and 4.4 months for detached homes (down from 8 months last month), based on the rate of sales over the last 3 months.
The Cardiff market favors sellers for attached homes, and has shifted from a buyer’s market back to a seller’s market for detached homes.
27 Cardiff listings came on the market in July, compared to 25 in June. 18 homes went pending in July (not counting the homes that sold), compared to 13 in June, so it was another relatively busy month.
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 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 experiencing.
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 know there are specific recommendations still in place, and some new procedures as the result of the pandemic 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.