What’s the Value of My Del Mar Home?
Del Mar Home Sales for July 2018
Del Mar, a small coastal town in North San Diego County, is one of our more expensive communities. Del Mar currently has one of the most expensive homes for sale on the public market in San Diego County, and so far holds the record for the most expensive property sold in the MLS publicly (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 July 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).
17 homes sold in Del Mar in July 2018, an increase in sales by 13% from last month. Here's a summary of what happened:
TOTAL HOMES SOLD
17 (up 13%), 60 Days on Market, Ave. Sales Price $1,820,911 (down 25%), Ave. sale 92% of asking price
Detached Homes Sold
12 (no change), 71 Days on Market, Ave. Sales Price $1,861,708 (down 21%), Ave. sale 92% of asking price
Attached Homes (condos, town homes) Sold
5 (up 67%), 34 Days on Market, Ave. Sales Price $1,723,000 (up 9%), Ave. sale 95% of asking price
Overall sales for July rose due to an increase in attached home sales; there was no change in detached home sales from last month. Average sale prices decreased for detached homes, but increased for attached homes. Average marketing time increased for attached homes but declined for detached.
The median price for detached homes decreased to $1,950,000 (down 14%), but increased to $1,375,000 (up 15%) for attached home sales in July compared to last month.
Buyers were able to negotiate, on average, 5 - 8% off list price in July sales; 1 home sold at asking price and 1 sold for over list price. 41% of the sales were cash transactions, compared to 53% in June.
In July there were no Del Mar homes on the market with a Contingent status, the same as the last 2 months (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a small drop in new listings in July in the Del Mar real estate market, from 28 to 26 (down 7%). However, the number of Del Mar homes going pending (excluding homes that sold) increased from 9 to 14 (up 56%).
There were 91 Del Mar homes for sale at the end of July, just 2 more than last month, and the 7th increase in inventory, and up about 50% from the end of December. At the current rate of sales over a 3-month period, this represents an inventory of 5.1 months for detached homes (up from 4.7 months last month), and 3.4 months for attached properties, up from 3 months last month; the Del Mar housing market remains a sellers’ market for detached homes and is a strong 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.
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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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