What’s the Value of My Del Mar Home?
Del Mar Home Sales for July 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 that same oceanfront property is currently isted for sale at $48M!
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 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).
27 homes sold in Del Mar in July 2019, almost double the number sold last month (up 93%). Here's a summary of what happened:
Detached Homes Sold
21 (up 133%), 44 Days on Market, Average Sales Price $3,428,369 (up 14%), Average sale 95% of original asking price
Attached Homes Sold
6 (up 20%), 62 Days on Market, Average Sales Price $1,046,333 (up 18%), Average sale 96% of original asking price
Overall sales for July rose significantly from last month especially for detached home sales which more than doubled. Average sale prices increased substantially for detached homes, no doubt due to the sale of 1 home at $10.5M and 1 at $15.4M that raised the average substantially. The average sales price for attached homes increased as well. Average marketing time decreased for detached homes but was significantly higher for attached homes.
The median price for detached homes increased again, to $2,085,000 (up 15%), and also increased to $1,008,000 (up 36%) for attached home sales in July compared to last month.
Buyers were able to negotiate, on average, 4 - 5% off the original list price in their home purchases; 41% of Del Mar home buyers paid full price for their homes. 41% of the sales were cash transactions, compared to 29% in June.
In July there were 2 Del Mar homes on the market with a Contingent status (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). 1 is a court approval, the other a first right of refusal.
There were substantially more new listings in July than last month, up 86% to 52, excellent news for buyers. In contrast the number of Del Mar homes going pending (excluding homes that sold) dropped to 14 pendings (down 22%).
There were 94 Del Mar homes for sale at the end of July, a slight drop in inventory by 1 (down 1%) from last month. At the current rate of sales over a 3-month period, this represents an inventory of 4.1 months for detached homes (down from 5 months last month), and 3.6 months for attached properties, up from 2.6 months last month; the Del Mar housing market is a seller’s market for detached homes, and a strong seller’s 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, 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. I’m happy to discuss your housing needs, lifestyle, and budget, 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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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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