What’s the Value of My Del Mar Home?
Del Mar Home Sales for July 2023
Del Mar is a small coastal town in North San Diego County, and is one of the more expensive beach communities. The most expensive property sold publicly in San Diego County was in Del Mar (a little over $48,000,000 in 2007) according to the MLS. This oceanfront estate sold again in July 2020 for $43M to a billionaire.
Having current information on the local housing market conditions in Del Mar is essential so informed buying and selling decisions can be made 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).
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Del Mar – Affluent Seaside Town (A Community Profile)
16 homes sold in Del Mar in July, the same as last month. Here's a summary of activity:
Single Family Homes Sold
11 (up by 1); 51 Average Days on Market; Average Sales Price was $4,925,454 (up 12%); Average Sale Price was 94% of original asking price.
Condos, Townhomes and Duplexes Sold
5 (down by 1); 6 Average Days on Market; Average Sales Price was $2,039,800 (up 72%); the Average Sales Price was 101% of original asking price.
Overall sales for July remained the same as last month. There was 1 more single family detached home sale but 1 fewer condo, townhome and duplex sale. The average sales price was higher for single family homes versus last month (no doubt due to 5 sales over $5M with 1 at $14M that raised the average for July). The average sales price also rose significantly for condo, townhome and duplex sales. Sales prices ranged from $1,100,000 to $14,000,000.
Average marketing time was shorter for single family homes but the same for condo, townhomes and duplexes. It’s smart to be prepared for making quick decisions regarding your home search and offer.
The median price for single family detached homes at $4,000,000 was 16% higher than last month. The median for condos, townhomes and duplexes was $2,100,000, up 81% from June.
While a number of buyers negotiated the purchase prices of their homes, 8 or them (50%) paid asking price or higher.
There were no Del Mar homes on the market in July with an Active under Contract status, the same as last month.
There were 20 new listings in July, the same as last month. 19 homes went pending (excluding homes that sold in July), compared to 11 last month.
The inventory dropped slightly to 32 from 33 last month. At the rate of sales over the last 3 months, this represents a supply of 2.4 months for single family homes (down from 2.5 months last month), and only 15 days for condos, townhomes and duplexes (versus 16 days in June).
The Del Mar housing market remains a very strong seller’s market for single family homes, and in particular for condo, townhome and duplex buyers.
Remember that with any statistic 1 month of data does not establish a trend. A better picture will emerge if you watch the Del Mar real estate market over time, especially since market conditions shift each month. One should not draw firm conclusions regarding pricing because of sales price extremes of Del Mar properties, especially at the higher price points, and the 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 develop a strategy 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 intention.
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READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report June 2023
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