What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report for May 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 San Diego 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 May 2020 there were 5 Solana Beach homes sold, 44% fewer than last month. Here are the highlights:
Detached Homes Sold
1 (67% fewer), 3 Days on Market, Sales Price $1,296,625 (down 41%); sales price was 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
4 (down 33%), 35 Days on Market, Average Sales Price $1,048,250 (up 17%), Average sales price was 98% of original asking price
Overall sales volume in the Solana Beach housing market for May dropped significantly from April: only 1 detached home sold, and attached homes sales dropped as well, no doubt impacted by the pandemic. The detached home sold for well under the average sales price of detached homes last month. In contrast, the average sales price of attached homes in May was higher than last month.
The detached homes sold in only 3 days, while the average marketing time for attached homes was shorter than in April.
Buyers were able to negotiate their sales prices down from original list price, on average 2 - 4%. 1 attached home sold for asking price; there were no cash transactions in May, which is unusual.
The median sales price of an attached home was $1,082,000 (up 26%) for attached. Given the small number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of May 2020 there were 49 homes for sale in Solana Beach (ranging in price from $465,500 to $4,985,000), the same as last month, despite the pandemic, and good news for buyers. Solana Beach has a housing inventory of 4.2 months for attached homes (up from 3.3 months last month) and 5.7 months for detached (up from 4.1 months last month) based on the current rate of sales over the last 3 months.
At this time the Solana Beach housing market favors sellers for attached homes, but is trending toward being a balanced market for buyers of detached single family homes.
There were no contingent listings, the same as 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).
In May 21 new listings came on the Solana Beach real estate market, 50% than last month, despite the pandemic; the number of homes going pending (excluding homes that sold in May) was also substantially higher than in April, with 10 pendings compared to 3 last month, a relatively busy month 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 SIP Order 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 buying or selling a home.
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READ MORE:
What’s my Solana Beach Home Worth? Solana Beach Market in April 2020
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