What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for August 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.
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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 August 2020 there were 19 Solana Beach homes sold, 4 fewer than last month which had seen a substantial increase in sales from June. Here are the highlights:
Detached Homes Sold
9 (30% fewer), 72 Days on Market, Sales Price $1,909,888 (down 1%); average sales price was 91% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
10 (no change), 39 Days on Market, Average Sales Price $1,399,000 (up 35%), Average sales price was 96% of original asking price
Overall sales volume in the Solana Beach housing market for August dropped from July due to a decline in detached sales. This followed a substantial increase from June to July in sales. The average sales price for detached homes dropped slightly (despite the sale of 4 homes over $2M), but we saw a big increase in the average sales price of attached homes compared to last month (no doubt due to the sale of 3 properties sold for more than $2M each).
The average marketing time for detached homes was longer than in July (3 homes took over 100 days to sell), 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%. 4 Solana Beach buyers paid asking price or better for their new homes. 32% of the sales were cash transactions.
The median sales price of an attached home in August was $1,072,500 (up 5%). The median price of the detached sales was $1,610,000, up 12%.
At the end of August 2020 there were 49 homes for sale in Solana Beach (ranging in price from $630,000 to $8,995,000), about the same as last month (50). Solana Beach has a housing inventory of 2.7 months for attached homes (down from 3.5 months last month) and 3 months for detached (down from 4.5 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, and became and even more favorable for sellers of detached single family homes.
There were no contingent listings, the same for the last 4 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).
In August 26 new listings came on the Solana Beach real estate market; while 13% fewer than last month it was still a busy month for sellers. The number of homes going pending (excluding homes that sold in August) was about the same as in July, with 20 pendings compared to 19; it was another busy time for buyers 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 you can expect when you are buying or selling a home.