What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in August 2020
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar so far holds the record for the most expensive property sold publicly in the MLS (at about $48,000,000 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold last March for $43,000,000!
Up to date information on the local Del Mar housing market conditions helps buyers and sellers make educated decisions about Del Mar homes for sale. These statistics were obtained from the MLS (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
24 homes sold in Del Mar in August, 20% fewer than in July. Here's a summary of what happened:
Detached Homes Sold
14 (down 33%), 39 Average Days on Market; Average Sales Price $3,487,642 (up 13%); Average sale was 95% of original asking price
Attached Homes Sold
10 (up 11%); 52 Average Day on Market; Average Sales Price was $1,190,750 (up 9%); Average sale was 97% of original asking price.
Overall sales for August dropped from July, with fewer detached sales but more attached. The average sales price rose for the detached homes compared to last month, in large part due to the sale of 4 homes over $4M with 1 at $12M that raised the average substantially. The average sales price for the attached home sales was higher than last month.
Average marketing time was shorter for detached homes but longer for attached homes than in July.
The median price for detached homes at $2,110,000 was 12% lower than last month. The median price for attached homes was $1,250,000, up 14% over July’s median price.
Buyers were able to negotiate, on average, 3 - 5% off the original list price on their home purchases; 8 of the homes (33%) sold for asking price or more. 33% of the sales were for cash.
In August there were 3 Del Mar homes on the market with a Contingent status, versus 2 last month (i.e., when they happen these are often, but not always, homes with offers being reviewed by short sale and REO lenders, but some are first right of refusals). 1 home was a first right of refusal, and the other 2 are court approvals, one of which has been waiting many months for final approval.
The number of new listings in August increased from 32 last month to 40, a busy month for sellers. The number of Del Mar homes going pending (excluding homes that sold) rose modestly from 22 to 24 pendings, a busy month for home buyers.
There were 83 Del Mar homes for sale at the end of August, 15% more than last month (72). At the rate of sales over the last 3 months, this represents an inventory of 3.7 months for detached homes (up from 3.6 months last month), and 2.5 months for attached properties, a decrease from 3.4 months last month.
The Del Mar housing market remains a strong seller’s market for buyers of detached homes and became more competitive for attached homes.
As with any statistic, 1 month does not establish a trend, so it’s important to watch the Del Mar housing market over a period of time, especially as the market continues to shift. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, especially at the high end, as well as the overall number of home sales this month.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your housing needs, lifestyle, and budget, and create a plan with you to purchase your new Del Mar home in 2020, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.