What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in September 2020
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 in San Diego County (at about $48,000,000 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold in March 2020 for $43,000,000!
Up to date information on the local Del Mar housing market conditions helps buyers and sellers make educated 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 written, but are not guaranteed, and do not include private/non-MLS sales).
22 homes sold in Del Mar in September, 2 fewer than in August (down 8%). Here's a summary of what happened:
Single Family Homes Sold
17 (up 21%), 43 Average Days on Market; Average Sales Price $2,674,364 (down 23%); Average sale was 95% of original asking price
Condos, Townhomes and Duplexes Sold
5 (down 50%); 11 Average Days on Market; Average Sales Price was $944,400 (down 21%); Average sale was 96% of original asking price.
Overall sales for September dropped modestly, but with more single family homes sold but fewer condos, townhomes and duplexes. The average sales price dropped for the detached homes compared to last month, no doubt impacted by the sale of 4 homes over $4M with 1 at $12M that raised the average substantially last month. The average sales price for the attached home sales was lower than last month. Sales prices ranged from $444,250 to $11,500,000.
Average marketing time was longer for single family homes but quite a bit shorter for condos, townhomes and duplexes than in August, although the number of sales was rather small.
The median price for detached homes at $1,700,000 was 19% lower than last month. The median price for attached homes was $775,000, down 38% from August.
Buyers were able to negotiate, on average, 4 - 5% off the original list price on their home purchases; 6 of the homes (27%) sold for asking price or more.
In September there were 3 Del Mar homes on the market with a Contingent status (now called “Active under Contract” in our MLS), the same as last month (i.e., when they happen these are often first right of refusals, but sometimes are homes with offers being reviewed by short sale and REO lenders). 2 homes were first right of refusals, and the other 1 is a court approval that has been waiting many months for final approval.
The number of new listings in September decreased from 40 last month to 34, but it was still a fairly busy month for sellers. The number of Del Mar homes going pending (excluding homes that sold) remained the same at 24 pendings, a busy month for home buyers.
Inventory was pretty stable with 84 Del Mar homes for sale at the end of September, 1 more than last month. At the rate of sales over the last 3 months, this represents an inventory of 3.8 months for single family homes (up from 3.7 months last month), and 2.3 months for condos, townhomes and duplexes, a slight decrease from 2.5 months last month.
The Del Mar housing market remains a strong seller’s market for buyers of single family homes, and a very strong seller’s market for condos, townhomes and duplexes.
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, especially as the market continues to shift. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, especially at the high end, as well as the overall number of home sales this month.
Please give me a call at (760) 830-1360 with any questions. I’m happy to discuss your particular housing needs, lifestyle, and budget, and create a plan with you to purchase your new Del Mar home in 2020, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home quickly and for top dollar.
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