What’s the Value of My Del Mar Home?
Del Mar Homes Sales Report for March 2021
Del Mar is a small coastal town in North San Diego County, and 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 beautiful oceanfront property was listed for sale again 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).
21 homes sold in Del Mar in March, a very substantial gain in sales of 62% from last month. Here's a summary of what happened:
Single Family Homes Sold
13 (up 160%); 38 Average Days on Market; Average Sales Price $2,790,153 (down 22%); Average sale was 99% of original asking price
Condos, Townhomes and Duplexes Sold
8 (no change); 40 Average Days on Market; Average Sales Price was $1,219,650 (down 2%); Average sale was 98% of original asking price.
Overall sales for March rose significantly last month, with more single family homes sold, but the same number of condos, townhomes and duplexes sold. The average sales price was significantly lower for the single family homes compared to last month (no doubt due, in part, to the sale of 3 homes last month over $3M with 1 at $9.15M that raised the average), and was slightly lower for condo, townhome and duplex sales.
Sales prices ranged from $397,700 to $6,400,000. Marketing time was slightly longer for single family homes as well as condos, townhomes and duplexes.
The median price for single family detached homes at $2,525,000 was 29% higher than last month. The median price for condos, townhomes and duplexes was $1,367,500, double the median in February (the 6 sales of over $1M helped to raise the median price).
Buyers were able to negotiate 1 – 2% off the original list price on their home purchases, with 38% of the buyers paid the asking price or higher for their new homes, 1 at 127%!
In March there were 4 Del Mar homes on the market with an Active under Contract status compared to 2 last month.
The number of new listings in March decreased from 27 last month to 24. In contrast, the number of Del Mar homes going pending (excluding homes that sold), at 25, increased from 22 in February.
Inventory dropped from last month with 39 Del Mar homes for sale, down 17%. At the rate of sales over the last 3 months, this represents an inventory of 4 months for single family homes (up from 3.8 months last month), and 16 days for condos, townhomes and duplexes, a decrease from 1.1 months last month.
The Del Mar housing market is a 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 particular 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.