What’s the Value of My Del Mar Home?
Del Mar Home Sales in October 2018
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar so far holds the record for the most expensive property sold publicly in the MLS (at about $48,000,000).
Up to date information on the local Del Mar housing market helps buyers and sellers make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for Del Mar for October 2018 (the data are believed accurate at the time this report was written, 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 October 2018, a significant decline from last month (down 37%). Here's a summary of what happened:
TOTAL HOMES SOLD
12 (down 37%), 42 Days on Market, Ave. Sales Price $1,771,833 (down 5%), Ave. sale 94% of asking price
Detached Homes Sold
10 (down 23%), 47 Days on Market, Ave. Sales Price $1,958,100 (down 8%), Ave. sale 93% of asking price
Attached Homes (condos, town homes) Sold
2 (down 67%), 14 Days on Market, Ave. Sales Price $840,500 (up 36%), Ave. sale 99% of asking price
Overall sales for October dropped significantly for detached home sales and attached homes. Average sale prices decreased for detached homes (in large part due to the sale last month of 3 homes over $3M that had raised the average), and for attached homes. Average marketing time increased for detached but was less for the 2 attached home sales.
The median price for detached homes increased to $1,832,000 (down 20%), and to $840,500 (down 33%) for attached home sales in October compared to last month.
Buyers were able to negotiate, on average, 1 - 7% off list price in October sales; 1 detached home sold for above asking price. 58% of the sales were cash transactions, compared to 53% in September.
In October again there were no Del Mar homes on the market with a Contingent status (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders; some are homes that have a first right of refusal).
We saw a slight decrease in new listings in October from September, from 37 to 35 (down 8%). The number of Del Mar homes going pending (excluding homes that sold) also decreased, from 12 to 10 (down 17%).
There were 101 Del Mar homes for sale at the end of October, an increase of 7% from last month. At the current rate of sales over a 3-month period, this represents an inventory of 8.8 months for detached homes (up from 7.3 months last month), and 4.7 months for attached properties, up from 3.8 months last month; the Del Mar housing market is now a buyers market for detached homes, and remains a sellers market for attached homes.
As with any statistic, 1 month does not establish a trend, so it’s important to watch the Del Mar housing market over a period of time. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, as well as the overall modest number of home sales each month.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your housing needs and create a plan with you to purchase your new Del Mar home in 2018, or to provide the necessary market information and guidance to help you sell your Del Mar home.
Search for Del Mar Homes for Sale
READ MORE:
What’s my Del Mar Home Worth? Del Mar Real Estate Market Report September 2018
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market, or otherwise assist you, friends or family in a home search or home sale, please contact my mobile office or text me at (760) 840-1360, or feel free to email me at JeffDowlerSolutions@gmail.com
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