What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in October 2021
Del Mar is a small coastal town in North San Diego County, and is one of the more expensive communities. 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). The same oceanfront estate located in the Del Mar Beach Colony was listed again in 2019, and sold in October 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).
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Del Mar – Affluent Seaside Town (A Community Profile)
31 homes sold in Del Mar in October, 19% more sales (up by 5) than last month. Here's a summary of the activity:
Single Family Homes Sold
23 (up 21%); 38 Average Days on Market; Average Sales Price $4,662,065 (up 55%); Average sale was 95% of original asking price
Condos, Townhomes and Duplexes Sold
8 (up by 1); 6 Average Days on Market; Average Sales Price was $1,378,993 (up 19%); Average sale was 101% of original asking price.
Overall sales for October were higher last month, especially for single family detached homes. The average sales price was substantially higher for single family homes compared to last month (in part due to the sale of 3 homes over $11M each with 1 at $24,900,000 that raised the average), and was also higher for condo, townhome and duplex sales. Sales prices ranged from $609,950 to $24,900,000.
Average marketing time increased for single family homes, but was substantially shorter for condos, townhomes and duplexes.
The median price for single family detached homes at $3,300,000 was 28% higher than last month. The median price for condos, townhomes and duplexes was $1,450,000, up 84% from September.
While a number of buyers negotiated money off the original list price on their home purchases, 39% ended up paying list price or higher for their homes.
In October there were no Del Mar homes on the market with an Active under Contract status, the same as for the last 4 months.
The number of new listings in October declined from last month’s 36 to 23, less than 1 new listing each day. In contrast 23 Del Mar homes went pending (excluding homes that sold), compared to 25 pendings last month.
The inventory was lower than last month with 33 homes for sale, down by 4 and another decline. At the rate of sales over the last 3 months, this represents an inventory of 1.6 months for single family homes (down from 2.2 months last month); there are only 21 days of inventory for condos, townhomes and duplexes, compared to 1.3 months last month.
The Del Mar housing market remains a very strong seller’s market for buyers of single family homes, with a limited inventory of condos, townhomes and duplexes at the end of October.
As with any statistic, 1 month does not establish a trend, so watching the housing market in Del Mar over a period of time is important, especially as the market conditions continues shifting. One should not draw firm conclusions regarding pricing because of the extremes in sales prices of Del Mar properties, especially at higher price points, as well as the limited number of sales.
Please reach out to me at (760) 830-1360 with any questions. I’m happy to discuss your particular housing needs, lifestyle, and budget, so we can create a plan to purchase your new Del Mar home, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report September 2021
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