What’s the Value of My Cardiff-by-the-Sea Home?
Home Sales for May 2022
It’s important for buyers and sellers in the Cardiff real estate market to have accurate and current information about local market conditions so they can make educated buying and selling decisions about Cardiff homes for sale.
Local market conditions affect selling and buying in several ways, including pricing, competition, and time on market. It’s important to understand how market conditions can impact your buying and/or selling decisions. Let’s talk now!
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Here’s a summary of the Cardiff real estate market for May 2022 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 9 sales in May, 2 fewer than April.
Single Family Homes Sold
7 (up by 1); Average Days on Market was 13; Average Sales Price was $2,765,906 (up 32%); the Average Sales Price was 104% of the original asking price
Condos, Townhomes & Duplexes Sold
2 (down by 3); Average days on market was 13; Average Sales Price was $1,594,500 (down 4%); Average Sales Price was 105% of original asking price.
The overall volume of sales in Cardiff dropped modestly, with 1 more single family detached home sale, but 3 fewer condo, townhome or duplex sales. The average sales price was higher for the single family homes (with 5 of the homes sold at over $2M, 1 at $6,750,000, that raised the average), but declined for condos, townhomes and duplexes. Sales prices ranged from $850,000 to $6,750,000.
The median price for the 7 single family home sales was $2,120,000 (about the same as last month).
At the end of May 2022 there were no homes in the Cardiff housing market with an Active Under Contract status, the same as the last 3 months.
At the end of May there were 10 Cardiff homes for sale, versus 14 at the end of April; 8 are single family detached homes. These listings range in price from $899,500 to $6,295,000.
As of this report there are only 2 condos, townhomes and duplexes for sale (an 18-day supply). There are 1.2 months of inventory for single family homes (down from 1.9 months last month), based on the rate of sales over the last 3 months.
The Cardiff by the Sea housing continues to be a very strong sellers market based on supply and demand.
3 of the 9 buyers paid over asking price for their new homes. Given the inventory, if you plan to buy a home in Cardiff by the Sea you can expect competition. Buyers ought to be prepared to make decisions quickly; 2 of the 11 homes went pending in 1 week or less but the average was only 13 days.
8 Cardiff listings came on the market in May, compared to 12 in April. 6 homes went pending in May (not including homes that closed escrow), versus 4 last month.
Data are derived from 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, let me know. I am happy to provide details for these neighborhoods, or other areas of interest. I can also assist you with the sale or purchase of a Cardiff by the Sea home.
Because of the limited number of sales in Cardiff by the Sea this month one should not draw firm conclusions about pricing, or other trends. Tight inventory and strong buyer demand continue to create a very competitive market. Homes tend to go pending quickly and there are multiple offers, and over-asking sales prices, sometimes significant. The most expensive property sold for $1.25M over asking price (123%).
Keep in mind average sales prices can be significantly impacted by sales of high and/or low priced homes each month, especially when sales volume is very low, as it typically is in Cardiff.
Please reach out to me at (760) 840-1360 so we can discuss your personal housing needs, lifestyle, and budget, answer your questions, and develop a plan to buy and/or sell your Cardiff by the Sea home.