What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in September 2017
Del Mar, a small coastal town in North San Diego County, is one of the most expensive communities. Del Mar currently has one of the most expensive homes for sale on the public market in San Diego County ($49M – on the market for 8+ years with several price changes and now pending), and so far holds the record for the most expensive property sold (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. Here are the statistics obtained from the MLS for Del Mar for September 2017 (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
16 homes sold in Del Mar in September 2017, a dramatic decrease of 41% from last month, following last month’s significant increase in sales. Here's a summary of the activity:
TOTAL HOMES SOLD
16 (down 41%) 44 Days on Market, Ave. Sales Price $2,085,296 (down 7%), Ave. sale 91% of asking price
Detached Homes Sold
14 (down 26%), 44 Days on Market, Ave. Sales Price $2,260,696 (down 21%), Ave. sale 90% of asking price
Attached Homes Sold
2 (down 75%), 47 Days on Market, Ave. Sales Price $857,500 (down 8%), Ave. sale 96% of asking price
Overall sales volume for September decreased significantly, especially for attached home sales. Average sale prices also decreased across the board. Average marketing time decreased for detached homes, but rose modestly for attached homes.
The MEDIAN price for detached homes decreased to $1,900,000 (down 10%), and to $857,500 (down 11%) for attached home sales in September.
Buyers were able to negotiate, on average, 4 - 10% off list price in September sales; however, 19% of the homes sold at or above asking. 38% of the sales were cash transactions, compared to 67% in August.
In September there were no Del Mar homes on the market with a Contingent status, the same as last month (i.e., these are typically, but not always, homes with offers being reviewed by short sale and REO lenders).
We saw a slight increase in new listings in the Del Mar real estate market in September, at 37 (up 3%). The number of Del Mar homes going pending (excluding homes that sold), also increased, but only by 1, to 20 (up 5%).
There were 102 Del Mar homes for sale at the end of September, about the same as last month (up 1%). At the current rate of sales over a 6-month period, this represents an inventory of 5.7 months for detached homes (down from 5.9 months last month), and 3.5 months for attached properties, up from 3.2 months last month; the Del Mar housing market is a seller’s market for both attached and detached homes.
As with any statistic, 1 month of numbers 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.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market conditions, or assist you, friends or family in a purchase or sale, please contact my mobile office or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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