What’s the Value of my Solana Beach Home?
Solana Beach Home Sale for September 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 September 2020 there were 20 Solana Beach homes sold, 1 more than last month. Here are the highlights:
Single Family Homes Sold
9 (no change), 24 Days on Market, Sales Price $2,067,588 (up 8%); average sales price was 97% of original asking price
Condos, Townhomes and Duplexes Sold
11 (up by 1), 32Days on Market, Average Sales Price $1,399,000 (down 33%), Average sales price was 94% of original asking price
Overall sales volume in the Solana Beach housing market for September rose slightly due to an uptick in condo and townhome sales. The average sales price for single family homes rose, no doubt due, in part, to the sale of 4 homes over $2M; we saw a big decrease in the average sales price of condos and townhomes compared to last month, probably due to last month’s sale of 3 properties for more than $2M that raised that average.
The average marketing time for single family homes was shorter than in August, as was the average marketing time for condos and townhomes.
Buyers were able to negotiate their sales prices down from original list price, on average 3 - 6%. 5 Solana Beach buyers (25%) paid asking price or better for their new homes.
The median sales price of an attached home in September was $775,000 (28% lower). The median price of the single family homes that sold was $1,800,000, up 12%.
At the end of September 2020 there were 39 homes for sale in Solana Beach, ranging in price from $637,900 to $9,500,000, about 20% fewer than last month (49). Solana Beach has a housing inventory of only 1.7 months for condos and townhomes (down from 2.7 months last month) and 2.2 months for single family homes (down from 3 months last month) based on the current rate of sales over the last 3 months.
At this time the housing market strongly favors sellers of condos and townhomes, as well as single family homes.
There were no contingent listings (now referred to as “Active Under Contract” in our MLS), the same for the last 5 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).
In September 19 new listings came on the Solana Beach real estate market, 27% fewer than last month. The number of homes going pending (excluding homes that sold in September) was also down from August, with 16 pendings compared to 20.
Please give me a call at (760) 840-1360 so we can discuss your specific housing needs, lifestyle and budget, and answer 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.