What’s the Value of My Del Mar Home?
Del Mar Homes Sales in December 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 in San Diego County (at about $48,000,000 in 2007). This oceanfront estate was listed for sale again in 2019 at $48M for about a year and sold in March 2020 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).
26 homes sold in Del Mar in December, 4 more than in November, in contrast to other communities that saw a decline in December. Here's a summary of what happened:
Single Family Homes Sold
18 (up by 3); 39 Average Days on Market; Average Sales Price $2,272,833 (down 9%); Average sale was 95% of original asking price
Condos, Townhomes and Duplexes Sold
8 (up by 1); 69 Average Days on Market; Average Sales Price was $1,260,000 (up 29%); Average sale was 93% of original asking price.
Overall sales for December rose modestly, with 3 more single family homes sold, as well as 1 more townhome. The average sales price was lower for the single family homes compared to last month, but was substantially higher for condo, townhome and duplex sales. Sales prices ranged from $985,000 to $4,695,000.
The median price for detached homes at $2,185,000 was 2% lower than last month. The median price for attached homes was $1,225,000, up 15% from November.
Buyers were able to negotiate, on average, 5 - 7% off the original list price on their home purchases; however, 7 buyers paid asking price or more for their new homes.
In December there was 1 Del Mar home on the market with an Active under Contract status compared to 3 last month.
The number of new listings in December increased from 16 last month to 20, in contrast to some other nearby communities that had fewer new listings. The number of Del Mar homes going pending (excluding homes that sold), at 11, was nearly half the number of pendings in November (21).
Inventory decreased from last month with 46 Del Mar homes for sale, down 26%, a trend seen in other communities in December. At the rate of sales over the last 3 months, this represents an inventory of only 2 months for single family homes (down from 2.5 months last month), and 1.3 months for condos, townhomes and duplexes, down from 2.7 months last month.
The Del Mar housing market is currently a very strong seller’s market for buyers of single family homes, and for condos, townhomes and duplexes.
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 cannot 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 2021, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home.