What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in January 2021
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 again listed for sale at $48M 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).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
Half the number of homes, 13, were sold in Del Mar in January versus December (1 home was listed twice so the true number was 13). Here's a summary of what happened:
Single Family Homes Sold
7 (down 61%); 45 Average Days on Market; Average Sales Price $2,316,429 (up 2%); Average sale was 106% of original asking price
Condos, Townhomes and Duplexes Sold
6 (down 25%); 67 Average Days on Market; Average Sales Price was $1,024,250 (down 19%); Average sale was 98% of original asking price.
Overall sales for January dropped significantly with fewer single family homes sold (1 single family home was listed twice so the actual # of sales IS 7 although the MLS lists 8); there were also fewer condos, townhomes and duplexes sold. The average sales price was slightly higher for the single family homes compared to last month, but was substantially lower for condo, townhome and duplex sales. Sales prices ranged from $446,000 to $5,000,000.
The median price for detached homes at $1,825,000 was 16% lower than last month. The median price for attached homes was $991,250, down 19% from December.
Buyers were able to negotiate some money off the original list price on their home purchases; however, 46% of the buyers paid asking price or more for their new homes.
In January there were 3 Del Mar homes on the market with an Active under Contract status compared to 1 last month.
The number of new listings in January increased from 20 last month to 27, in contrast to some other nearby communities that had fewer new listings - good news for Del Mar buyers. The number of Del Mar homes going pending (excluding homes that sold), at 15, also increased from December (11).
Inventory increased from last month with 55 Del Mar homes for sale, up 20%, in contrast to some other communities. At the rate of sales over the last 3 months, this represents an inventory of 3.4 months for single family homes (up from 2 months last month), and 1.4 months for condos, townhomes and duplexes, an increase from 1.3 months last month.
The Del Mar housing market is a strong seller’s market for buyers of single family homes, and a very strong sellers market 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 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 limited number of home sales this month.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your specific housing needs, lifestyle, and budget, and create a plan with you to purchase your new Del Mar home in 2021. I can also provide the necessary market and equity information, and market preparation guidance, to help you sell your Del Mar home.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report December 2020
