What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in February 2023
Del Mar is a small coastal town in North San Diego County, and one of the more expensive beach communities. The most expensive property sold publicly in San Diego County, per the MLS, was in Del Mar in 2007 (about $48,000,000). This oceanfront estate sold again in February 2020 for $43M.
Having up-to-date information on the housing market in Del Mar is essential in order to make informed buying and selling decisions about Del Mar homes for sale. The following statistics were derived 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).
READ MORE:
Del Mar – Affluent Seaside Town (A Community Profile)
12 homes sold in Del Mar in February, 4 more than last month. Here's a summary of the activity:
Single Family Homes Sold
10 (up by 5); 48 Average Days on Market; Average Sales Price was $3,595,900 (down 5%); Average Sale Price was 100% of original asking price.
Condos, Townhomes and Duplexes Sold
2 (down 1); 100 Days on Market; Average Sales Price was $1,700,000; the Average Sales Price was 86% of original asking price.
Overall sales for February increased from last month, with 5 more single family detached home sales, but 1 fewer condo, townhome and duplex sales. The average sales price was lower for single family homes versus last month. The 2 condos sold for $1,560,000 and $1,840,000, well above last month’s average. Sales prices ranged from $1,560,000 to $7,900,000.
Average marketing time was shorter for single family homes. The 2 condos took 82 and 118 days to sell. However, it’s not a bad idea to be ready to make quick decisions regarding your home search.
The median price for single family detached homes at $2,457,500 was 5% lower than last month.
8 of the 12 buyers negotiated the purchase prices of their homes. However, 4 (33%) paid asking price or higher.
There were no Del Mar homes on the market in February with an Active under Contract status, the same as the last 3 months.
There were 9 new listings in February, compared to 18 in January. 13 homes went pending (excluding homes that sold in February), compared to 11 last month.
The inventory decreased to 19 from 25 last month. At the rate of sales over the last 3 months, this represents a supply of 2.5 months for single family homes (down from 4.3 months last month), and 1.5 months for condos, townhomes and duplexes (versus 2.1 months in January).
The Del Mar housing market continues to be a very strong seller’s market for single family homes, and for condo, townhome and duplex buyers.
Remember that with any statistic 1 month of data does not establish a trend. A better picture emerges when watching the Del Mar real estate market over time, especially since market conditions continue to shift. One cannot 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 your questions. I’m happy to discuss your personal housing needs, lifestyle, and budget. Then we can create a plan to buy your new Del Mar home. I can also provide the necessary market and equity information, and market preparation guidance, to help sell your Del Mar home if that is your plan.
Search for Del Mar Homes for Sale
READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report January 2023
Comments(4)