What’s the Value of My Del Mar Home?
Del Mar Home Sales in November 2019
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). Ironically this same oceanfront estate is listed for sale at $48M!
Up to date information on the local Del Mar housing market conditions can help buyers and sellers make informed decisions about Del Mar homes for sale. These statistics were obtained from the MLS for Del Mar for November 2019 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
10 homes sold in Del Mar in November 2019, a 41% decline from October, the second decline. Here's a summary of what happened:
Detached Homes Sold
6 (down 54%), 54 Days on Market, Average Sales Price $2,299,583 (down 28%); Average sale 97% of original asking price
Attached Homes Sold
4 (no change), 21 Days on Market, Average Sales Price $1,280,000 (up 61%), Average sale 100% of original asking price
Overall sales for November dropped fairly substantially due to the decline in detached home sales. The average sales price decreased substantially for detached homes. In contrast the average sales price for attached homes increased significantly but keep in mind there were only 4 sales and 2 sold for over $1.6M raising the average. Average marketing time decreased fairly substantially for both detached and attached homes.
The median price for detached homes decreased modestly, to $1,727,500 (down 16%), but rose significantly to $1,387,500 (up 81%) for attached home sales in November versus last month.
Buyers were able to negotiate, on average, 2 - 3% off the original list price on their home purchases; 5 home buyers (50%) paid full price or more for their homes. 50% of the sales were cash transactions, compared to 35% in October.
In November there was 3 Del Mar homes on the market with a Contingent status, versus 1 last month (i.e., when they happen these are often, but not always, homes with offers being reviewed by short sale and REO lenders, but some are first right of refusals). One was a court approval, the other 2 were first rights of refusal due to contingent offers.
The number of new listings in November dropped by 16% from last month, to 21. In contrast the number of Del Mar homes going pending (excluding homes that sold) rose from 11 to 15 pendings (up 36%).
There were 84 Del Mar homes for sale at the end of November, a decrease in inventory by 12% from last month and another decline but not a surprise given the holidays. At the current rate of sales over a 3-month period, this represents an inventory of 5.9 months for detached homes (up from 5.1 months last month), and 3.8 months for attached properties, down from 4.4 months last month. The Del Mar housing market remains a seller’s market for buyers of attached homes but has shifted to a balanced market for detached home buyers.
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 is shifting. 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 this month.
Please give me a call at (760) 830-1360 with any questions and to discuss your housing needs, lifestyle, and budget. We can then create a plan with you to purchase your new Del Mar home in 2019, and/or provide the necessary market and equity information and market preparation guidance to help you sell your Del Mar home.
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