What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for May 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 May 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). The housing market was dramatically different, with 9 homes sold compared to only 1 in April.
Detached Homes Sold
3 (up from 0 last month); Average of 53 Days on Market; Average Sales Price was $1,428,333; Average sale price was 82% of the original asking price (one sold at 94%, one at 90%m and the 3rd at 62% which was actually 92% of the last list price).
Attached Homes (condos, town homes, twin homes) Sold
6 (up 500%); Average of 18 Days on Market, Average Sales Price was $1,159,983; Average sale price was 98% of original asking price.
The overall volume of sales in Cardiff shifted up markedly from last month, where only 1 attached home sold. Two newly-built attached homes sold at over $1.9M each which raised that average. Average marketing time was relatively short, about 3 weeks for the attached homes; the average marketing time for detached homes was inflated by 1 sale taking 116 days to sell.
At the end of May 2020 there was 1 home in the Cardiff housing market with a Contingent status, a first right of refusal (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 May 2020 there were 44 Cardiff homes for sale, the most inventory we have seen since August of 2019. This is a jump by 7% from April, despite the pandemic, and good news for buyers. Those listings range in price from $619,000 to $6,950,000. There are 4.8 months of inventory for attached homes (down from 8 months last month), and 14 months for detached homes (up from 7.5 months last month), based on the rate of sales over the last 3 months.
The Cardiff market favors sellers for attached homes, but now favors buyers of detached homes based on the recent low sales volume, something we have not seen for a long time.
23 Cardiff listings came on the market in May, compared to 16 in April. 9 homes went pending in May (not counting the homes that sold), compared to 4 in April, a 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 CDC recommendations in place, and some new procedures as the result of the Stay-at-Home Order 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.