What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for July 2020
Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and one of the more expensive coastal communities in North San Diego County.
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 July 2020 there were 23 Solana Beach homes sold, more than twice as many as last month which also saw a substantial increase in sales. Here are the highlights:
Detached Homes Sold
13 (225% more), 44 Days on Market, Sales Price $1,923,846 (up 1%); average sales price was 93% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
6 (up 40%), 50 Days on Market, Average Sales Price $1,034,100 (up 60%), Average sales price was 93% of original asking price
Overall sales volume in the Solana Beach housing market for July rose significantly from June, and especially for detached homes, despite the pandemic. This followed a substantial increase from May to June in sales. The average sale price for detached homes rose slightly, but we saw a big increase in the average sales price of attached homes compared to last month.
The average marketing time for detached homes was longer than in June, while marketing time on average was shorter for attached homes.
Buyers were able to negotiate their sales prices down from original list price, on average 2 - 7%. 1 attached home sold for asking price and 1 detached homes sold for 107% of asking. 22% of the sales were cash transactions.
The median sales price of an attached home in July was $1,020,000 (up 66%). The median price of the detached sales was $1,610,000.
At the end of July 2020 there were 50 homes for sale in Solana Beach (ranging in price from $650,000 to $9,500,000), a 9% decrease from last month. Solana Beach has a housing inventory of 3.5 months for attached homes (down from 5 months last month) and 4.5 months for detached (down from 10 months last month) based on the current rate of sales over the last 3 months.
At this time the Solana Beach housing market still favors sellers for attached homes, and has shifted from a buyers’ to a sellers’ market for detached single family homes.
There was 1 contingent listing, versus 0 for the last 3 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).
Sellers were busy in July, with 30 new listings coming on the Solana Beach real estate market, 20% more than last month, despite the pandemic, and yet another increase; the number of homes going pending (excluding homes that sold in July) was modestly higher than in June, with 19 pendings compared to 17 last month, a busy time for buyers 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 create 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.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in June 2020
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