What’s the Value of my Solana Beach Home?
Solana Beach Real Estate Market Report March 2021
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 March 2021 there were 20 Solana Beach homes sold, 43% more sales than last month. Here are the highlights:
Single Family Homes Sold
6 (down by 1, 14%); 12 Average Days on Market; Average Sales Price $2,276,466 (down 45%); Average Sales Price was 99% of original asking price
Condos, Townhomes and Duplexes Sold
14 (up 100%); 31 Average Days on Market; Average Sales Price $1,239,700 (down 5%); Average sales price was 98% of original asking price
Overall sales volume in the Solana Beach housing market for March rose significantly, with 1 fewer single family detached home but twice as many condos, townhomes and duplexes. The average sales price for single family homes was substantially lower (no doubt due, in part, to 4 sales last month over $4M, with 1 at $6.1M and 1 at $8.1M, that had raised the average); the average sales price of condos and townhomes was modestly lower compared to last month.
The average marketing time for single family homes, and for condo, townhomes and duplexes, was shorter than in February.
Buyers were able to negotiate their sales prices down from original list price, on average by 1 - 2%. Nine Solana Beach buyers (45%) paid asking price or higher for their new homes, with 1 selling at 11% over list price.
The median sales price of the condos, townhomes and duplexes in March was $1,122,500 (down 2%). The median price of the single family homes that sold was $1,737,500 (down 64%). The median last month was much higher, given that 4 homes sold for over $4M with 1 at $6.1M and 1 at $8.1M.
At the end of March 2021 there were 22 homes for sale in Solana Beach, ranging in price from $635,000 to $13,999,900, 3 fewer than last month (down 12%). Solana Beach has a housing inventory of only 1.1 months for condos and townhomes (down from 1.5 months last month) and 1.8 months for single family homes (up from 1.4 months last month) based on the current rate of sales over the last 3 months.
The housing market continues to be a very strong sellers’ market for condos, townhomes and duplexes, and for single family homes.
There was 1 Active Under Contract listings in March, versus 2 last month.
In March 21 new listings came on the Solana Beach real estate market, 2 more new listings than last month, and good news for buyers. The number of homes going pending (excluding homes that sold in March) doubled from February, with 18 pendings compared to 9 last month. It was another busy month for buying and selling.
Please feel free to give me a call at (760) 840-1360 so we can discuss your specific 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 I can help you create a strategy to buy or sell your Solana Beach home in 2021.