What’s the Value of My Del Mar Home?
Del Mar Home Sales Report for May 2022
Del Mar is a small coastal town in North San Diego County, and one of the more expensive communities along the beach. The most expensive property sold publicly in the MLS in San Diego County was in Del Mar (around $48,000,000 in 2007). This property sold again in May 2020 for $43M.
Up to date information on Del Mar housing market conditions is important so buyers and sellers can make informed 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 compiled, but are not guaranteed, and do not include private/non-MLS sales).
20 homes sold in Del Mar in May, up 33% from the 15 sales last month. Here's a summary of the activity:
Single Family Homes Sold
17 (up 125%); 16 Average Days on Market; Average Sales Price $4,964,129 (up 21%); Average Sale Price was 100% of original asking price
Condos, Townhomes and Duplexes Sold
3 (down by 4); 8 Days on Market; Average Sales Price was $1,316,666 (down 4%); the Average Sale Price was 101% of original asking price.
Overall sales for May rose from last month, especially for single family detached homes sales; there were only 3 condo and townhome sales, a decline from April.
The average sales price was higher for single family homes compared to last month (in part due to the sale of 4 homes over $7M with 1 at $20M), but dropped for condos and townhomes. Sales prices ranged from $725,000 to $20,000,000.
Average marketing time was longer for single family homes, but shorter for condos, townhomes and duplexes. Buyers should be prepared to make quick decisions in their home searches – almost half (43%) of the homes went pending in 1 week or less.
The median price for single family detached homes at $3,200,000 was 2% higher than last month. The median sales price for the condo and townhome sales was $1,025,000 (down by 32%).
Some buyers were able to negotiate the original list price of their home purchases. At the same time, however, 9 (45%) ended up paying more than list price.
In May there was 1 Del Mar home on the market with an Active under Contract status, the same as last month.
The number of new listings in May doubled, from 12 in April to 24 - good news for buyers. There were 13 homes that went pending (excluding homes that sold in May), compared to 11 last month.
The inventory was the same as last month with 25 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 months last month), and only 11 days for condos, townhomes and duplexes, the same as in April (there are only 2 listings as of this writing).
The Del Mar housing market continues to be a very strong seller’s market for single family homes, and particularly so for condos, townhomes and duplexes.
Remember that with any statistic 1 month does not establish a trend. A better picture will come from watching the Del Mar housing market over time, especially since market conditions continue to shift. One should not draw firm conclusions regarding pricing because of sales price extremes of Del Mar properties, especially the higher price points, and the fairly limited number of sales.
Please reach out to me 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, and/or provide the necessary market and equity information and market preparation guidance to help sell your Del Mar home.