What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for October 2022
It’s important for buyers and sellers in the Cardiff real estate market to have current information about local market conditions so they can make informed selling and buying decisions about Cardiff homes for sale.
Supply and demand affects selling and buying in a number of ways, including pricing, competition, and time on market. It’s important to understand how local 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 October 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 8 sales in October, 3 fewer than last month.
Single Family Homes Sold
6 (down by 4); Average Days on Market was 40; Average Sales Price was $1,700,000 (down 19%); the Average Sales Price was 88% of the original asking price.
Condos, Townhomes & Duplexes Sold
2 (up by 1); Average Days on market was 31; the Average Sales Price was $1,494,500; the Average Sales Price was 99% of the original asking price.
The overall volume of sales in Cardiff dropped from last month. There were fewer single family detached homes sold, but only 1 condo sale and 1 duplex sale. The average sales price was lower for the single family homes. Sales prices ranged from $735,000 to $2,360,000.
The median price for the single family home sales was $1,567,500 (22% higher than last month).
At the end of October 2022 there were no homes in the Cardiff housing market with an Active Under Contract status, the same as last month.
At the end of October there were 8 homes for sale in Cardiff, down 4 from last month; 7 of these are single family detached homes. Listings range in price from $899,000 to $9,490,000.
At the time this report was compiled there was only 1 townhome available for sale. There are only 1.1 months of inventory for single family homes (down from 1.6 months last month), based on the rate of sales over the last 3 months, and only 15 days for condos, townhomes and duplexes.
The Cardiff by the Sea housing remains a very strong sellers market based on supply and demand, for single family homes as well as for condos, town homes and duplexes.
2 buyers paid over asking price for their new homes. Supply is very limited so competition is likely. One should not assume some homes won’t sell quickly even though we are seeing a market shift - 1 home went pending in 7 days, but the rest took at least 25 days each.
4 listings came on the market in October, compared to 8 in September. And 3 homes went pending in October (not including homes that closed escrow), versus 5 last month.
These statistics are based on data in the MLS. If you would like more specifics about the Cardiff real estate market, or for particular areas including the Walking District and the Composer District, I can help. I am happy to provide details for these neighborhoods, and other areas of interest. I can also assist you with the sale or purchase of a Cardiff by the Sea home if that is your goal, now or in the future.
Because of the small number of sales in Cardiff by the Sea one should not draw conclusions about pricing, or other trends. Limited supply and strong buyer demand continue to create a competitive market although things have improved for buyers. Homes in general tend to go pending quickly, but the average time on the market has increased. We are seeing fewer sales with over-asking prices.
Remember that average sales prices are impacted by sales of higher and/or lower-priced homes each month, especially when sales volume is very low as it was in Cardiff.
Please reach out to me at (760) 840-1360 to discuss your personal housing needs, lifestyle, budget, and any questions. Then we can create a plan to buy and/or sell your Cardiff by the Sea home.
SEARCH HOMES FOR SALE IN CARDIFF BY THE SEA
READ MORE:
What’s My Cardiff-by-the-Sea Home Worth? Market Report for September 2022
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