What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for August 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 August 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 16 total sales in August, up by 1 from July.
Detached Homes Sold
9 (down 1 from last month); Average of 25 Days on Market; Average Sales Price was $1,781,175 (no change); Average sale price was 100% of the original asking price (6 sold at or above asking).
Attached Homes (condos, town homes, twin homes) Sold
7 (up 40%); Average of 14 Days on Market, Average Sales Price was $1,432,857 (up 100%); Average sale price was 99% of original asking price.
The overall volume of sales in Cardiff shifted up overall from last month, with 2 more attached homes selling but 1 less detached sale, for a net gain of 1. Average marketing time was less than 1 month but 9 homes sold in 5 days or less – buyers clearly made quick decisions and offers! The average sales price did not shift for detached homes, but rose significantly for attached, with 6 of the 7 homes selling for over $1.3M which raised the average substantially.
At the end of August 2020 there were no homes in the Cardiff housing market with a Contingent status, the same as 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 these days they are first right of refusals).
At the end of August there were 39 Cardiff homes for sale, 2 less than last month. These listings range in price from $685,000 to $6,950,000. There are 1.9 months of inventory for attached homes (down from 2.6 months last month), and 3.1 months for detached homes (down from 4.4 months last month), based on the rate of sales over the last 3 months.
The Cardiff market favors sellers for both detached and attached homes, and became more competitive in August.
20 Cardiff listings came on the market in August, compared to 27 in July. 13 homes went pending in August (not counting the homes that sold), compared to 18 in July, so 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 relatively 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 has been 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.
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.