What’s the Value of My Del Mar Home?
Del Mar Home Sales for May 2021
Del Mar so far holds the record for the most expensive property sold publicly in the MLS in San Diego County (around $48,000,000 in 2007). This oceanfront property was listed for sale in 2019 and sold in May 2020 for $43,000,000!
Current 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).
30 homes sold in Del Mar in May, 4 fewer sales (down 12%) than last month. Here's a summary of the activity:
Single Family Homes Sold
23 (down 12%); 25 Average Days on Market; Average Sales Price $3,602,633 (up 8%); Average sale was 98% of original asking price
Condos, Townhomes and Duplexes Sold
7 (down by 1); 72 Average Days on Market; Average Sales Price was $1,160,000 (up 27%); Average sale was 100% of original asking price.
Overall sales for May dropped modestly from last month, with fewer single family homes sold, and 1 less condo, townhome and duplex sale. The average sales price was higher for the single family homes compared to last month (no doubt due, in part, to the sale of 4 homes over $5M with 1 at almost $14M that raised the average), and was significantly higher for condo, townhome and duplex sales. Sales prices, ranged from $650,000 to $13,995,000. Average marketing time was shorter for single family homes but longer for condos, townhomes and duplexes.
The median price for single family detached homes at $2,650,000 was 2% higher than last month. The median price for condos, townhomes and duplexes was $1,347,000, up 58% from April (the 4 sales of over $1.3M no doubt helped to raise that median price).
A number of buyers, on average, were able to negotiate money off the original list price on their home purchases. However, 50% of the buyers paid asking price or higher for their homes.
In May there were no Del Mar homes on the market with an Active under Contract status compared to 2 last month.
The number of new listings in May increased from 19 last month to 33, good news for buyers. Similarly, the number of Del Mar homes going pending (excluding homes that sold), at 23, increased from 17 pendings in April.
Inventory did not shift from last month with 35 Del Mar homes for sale. At the rate of sales over the last 3 months, this represents an inventory of 1.7 months for single family homes (down from 2.2 months last month); there were no condo, townhome or duplex listings available at the time this report was created.
The Del Mar housing market is a very strong seller’s market for buyers of single family homes, with no inventory of condos, townhomes and duplexes as of the beginning of June.
As with any statistic, 1 month does not establish a trend, so it’s important to watch the housing market in Del Mar over a period of time, especially since 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.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your specific housing needs, lifestyle, and budget, so we can create a plan to purchase your new Del Mar home in 2021, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.