Solana Beach is an affluent coastal town south of Encinitas and Cardiff, and among the more expensive coastal communities. Despite changes in prices over the last several years Solana Beach has seen less dramatic changes in their real estate market than some other nearby towns.
READ MORE: Solana Beach Real Estate
As a buyer or seller in the Solana Beach real estate market, understanding recent trends and current market conditions is essential in order to make informed decisions; area media reports focus on general market conditions and therefore will not provide an accurate picture of the local housing market in Solana Beach.
The following data are taken from the San Diego MLS (private sales are not included in these statistics, nor are multifamily properties). The data are believed to be reliable but are not guaranteed.
In April 2009 there were 10 homes sold in Solana Beach, as compared to 6 sold in March. Here's the breakdown of overall activity.
- 2 of the homes were detached homes (as in March) and 8 were attached; the detached homes sold at $877,500 (184 DOM, 95% of list price) and $905,00 (18 DOM and 98% of the asking price)
- The 8 detached homes that sold in April were on the market for an average of 73 days (about the same as March) and sold at an average of 93% of the asking price; the average price of an attached home selling in April was $629,562, up 16% over the average price in March
- 3 of the 10 homes that sold in April were short sales - 1 detached, 2 attached
At the end of April 2009 there were 136 Solana Beach homes for sale, an 8% increase in inventory over March (which increased 24% over February). Given only a modest increase in sales volume this is a concern. This represents an inventory of 9 months for attached homes (about the same as in March) but an increase to 24.3 months (versus 21.9 for March) for detached homes based on the current rate of sales over the last 6 months. Detached homes range in price from $475,000 (a short sale) to $4,995,000 (the same as in March); attached homes are $299,000 to $1,950,000.
Other than in 2007 when 9 homes sold in April, we are behind the rate of sales for recent years; there were 17 homes sold in Solana Beach in 2008, 14 in 2006 and 29 in 2005. There have been 35 Solana Beach sales so far in 2009, which is 26% behind the rate of sales for 2008. The average price YTD in 2009 is $819,675, as compared to $1,060,106 for 2008.
In April 49 homes came on the market, a 58% increase over March (which was up 25% over February): 35 detached and 14 attached. At this time 13 homes went pending, about 3 times the number that went under contract in March, which is good news. Despite that, we are trending up in terms of inventory, especially for detached homes, and the volume, while modestly increasing, is not having an impact on decreasing the inventory of Solana Beach homes for sales, in particular the more expensive detached homes.
More details can be provided if needed with regard to current real estate activity in Solana Beach.
READ MORE:
Solana Beach Real Estate - Solana Beach Market Report for March 2009
Solana Beach Real Estate - Solana Beach Market Report for February 2009
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If I can provide more information about Solana Beach, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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Jeff a lot of the market reports that I am seeing are still reporting an increase in inventory. Let's hope that trend changes.
Jeff do you attribute to your rise in inventory to the "spring market?" We always see an upward swing of new listings as the mindset is still it's better to list now...
With the increase in inventory I would expect the sales will occur with the well priced and properties that are in good condition.
I finally compiled all the data for my 1st quarter results per city. Now I have to create charts. Doh! lol But my next plan is to do an annual comparison. This really does paint a bigger picture.
Jeff I hope the market starts to change in Salona Beach. It looks like your area will trail other parts of the country in the recovery.
George - it's the same trend I am seeing in most communities, but in some the volume of sales is way up so the impact is different.
Lee and Pamela - I would say so. People are aware the rates are great, too.
Terry - we are still seeing slow activity in the higher price ranges, which is much of the Solana BEach market
Lisa - good for you. These do take time but they are useful for consumers adn help us better understand what is going on
Bill - it varies from commnunity to community. SB seems to be trending the wrong direction. at the moment compared to some others.
Jeff