What’s the Value of My Del Mar Home?
Del Mar Home Sales in February 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).
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 February 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).
12 homes sold in Del Mar in February 2019, the same as last month. Here's a summary of what happened:
Detached Homes Sold
10 (up 25%), 82 Days on Market, Ave. Sales Price $2,935,650 (up 24%), Ave. sale 87% of asking price
Attached Homes (condos, town homes) Sold
2 (down 50%), 16 Days on Market, Ave. Sales Price $815,000 (down 24%), Ave. sale 98% of asking price
Total sales for February did not shift, but there were fewer attached home sales and more detached home sales. Average sale prices increased substantially for detached homes (no doubt influenced by the sale of 4 homes over $3M with 1 at $10M that raised the average), but decreased for attached homes. Average marketing time increased significantly for detached homes but went down slightly for attached homes.
The median price for detached homes decreased to $2,062,500 (down 11%), and to $815,000 (up 31%) for attached home sales in February compared to last month.
Buyers were able to negotiate, on average, 2 - 13% off list price in February sales; 1 buyer paid full price for a detached home. 40% of the sales were cash transactions, compared to 25% in January.
In February 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).
New listings in February were half of what there were in January (56), at 27. In contrast the number of Del Mar homes going pending (excluding homes that sold) tripled, from 8 to 24 in February!
There were 107 Del Mar homes for sale at the end of February, a decrease by 5% from last month, following an increase in January after the holidays. At the current rate of sales over a 3-month period, this represents an inventory of 9 months for detached homes (down from 11.5 months last month), and 10.9 months for attached properties, up from 8.7 months last month; the Del Mar housing market is a buyer’s market for both detached homes and 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, especially as things are shifting as noted above. 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. I’m happy to discuss your housing needs and create a plan with you to purchase your new Del Mar home in 2019, 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 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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