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Solana Beach Real Estate Market Report for May 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 May 2021 there were 21 Solana Beach homes sold, 25% fewer sales than last month, following 2 months of sales increases. Here are the highlights:
Single Family Homes Sold
6 (down 54%); 17 Average Days on Market; Average Sales Price $2,499,000 (down 18%); Average Sales Price was 97% of original asking price
Condos, Townhomes and Duplexes Sold
15 (no change); 16 Average Days on Market; Average Sales Price $1,329,519 (up 2%); Average sales price was 99% of original asking price
Overall sales volume in the Solana Beach housing market for May dropped substantially, with fewer than half as many single family detached sales but the same number of condos, townhomes and duplexes. The average sales price for single family homes was lower (in part due to 6 sales last month for over $2M, with 1 at $11M, that raised the average for April); the average sales price of condos and townhomes was slightly higher than last month.
The average marketing time for single family homes was slightly shorter, as it also was for condo, townhomes and duplexes, both at a little over 2 weeks.
Some buyers were able to negotiate their sales prices down from original list price. However, about half of the Solana Beach buyers (48%) paid asking price or higher for their new homes.
The median sales price of the condos, townhomes and duplexes in May was $1,302,888 (up 32%). The median price of the single family homes that sold was $2,650,000 (up 35%).
At the end of May 2021 there were 24 homes for sale in Solana Beach, ranging in price from $605,000 to $19,750,000, 7 more than last month (up 41%) and good news for buyers. Solana Beach has a housing inventory of 1 month for condos and townhomes (up from 13 days last month) and 1.1 months for single family homes (down 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 were no Active Under Contract listings in May, like last month.
In May 27 new listings came on the Solana Beach real estate market, 2 more new listings than last month, and some good news for buyers. The number of homes going pending (excluding homes that sold in May) decreased, however, with 15 pendings compared to 24 last month. But it was still a fairly busy month for buyers and sellers.
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.