What’s My Cardiff-by-the-Sea Home Worth?
Market Report May 2021
It’s important for buyers and sellers in the Cardiff real estate market to have accurate and current information about local market conditions in order to make informed buying and selling decisions about Cardiff homes for sale.
Local market conditions will impact buying and selling in terms of inventory, pricing, competition, and time on market, and you should understand how these conditions can affect your buying and selling decisions.
Read More About Cardiff-by-the-Sea:
This i a summary of the Cardiff real estate market for May 2021 based on data provided by the MLS (private sales are not included; data are believed to be accurate as of this writing but are not guaranteed). There were 13 sales in May, compared to 14 last month.
Single Family Homes Sold
12 (up 71%); Average Days on Market was 19; Average Sales Price was $2,527,338 (up 21%); Average sale price was 101% of the original asking price (1 home sold at 16% over asking price)
Condos, Townhomes & Duplexes Sold
1 (down from 7); 1 Day on Market; Sales Price was $700,000 (full price).
The overall volume of sales in Cardiff dropped by 1 from last month, with substantially more single family homes sold but far fewer condos, townhomes and duplexes. The average sales price was higher for single family homes (9 of the 12 sales were over $2M). Sales prices ranged from $688,500 to $3,825,000.
The median sales price for single family homes was $1,749,000 (up 34%); there is no median price for condos, townhomes and duplexes since there was only 1 sale.
At the end of May 2021 there was 1 home in the Cardiff housing market with an Active Under Contract status, versus 0 last month.
At the end of May there were 14 Cardiff homes for sale, a decline by 33% from last month. These listings range in price from $950,000 to $6,888,888.
There are 21 days of inventory for condos, townhomes and duplexes (compared to 28 days last month) – with only 3 listings when this report was created. There is 1 month of inventory for single family homes (compared to 6 days last month), based on the rate of sales over the last 3 months.
The Cardiff by the Sea housing remains a very strong sellers market.
Some buyers were able to negotiate the sales price down, however well over half, 62%, paid full price or higher for their new homes - 1 home sold at 116% of the list price. In this market buyers can expect to be in competition with others, with multiple offers very likely.
Cardiff buyers also need to make decisions quickly – 6 of the homes went pending in 7 days or less (46%).
13 Cardiff listings came on the market in May, compared to 20 in April. In contrast, 18 homes went pending in May (not counting homes that closed escrow), versus 9 in April, so it was another busy month for buyers and sellers.
Data are based on information in the MLS. If you would like more details about the Cardiff real estate market, or for specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these neighborhoods, and to assist you with the sale or purchase of a home in Cardiff by the Sea.
One should not draw firm conclusions about pricing, or other trends, in Cardiff by the Sea due to the small volume of sales. Tight inventory and strong buyer demand have resulted in a competitive market, with homes going pending quickly, often in less than a week, with multiple offers, and over-asking sale prices.
It’s important to keep in mind average sales prices are significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
I invite you to reach out to me at (760) 840-1360 so we can discuss your particular housing needs, lifestyle, and budget, answer all of your questions, and create a plan to help you buy and/or sell your Cardiff by the Sea home.