What’s the Value of My Del Mar Home?
Del Mar Real Estate Market in September 2018
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 September 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).
19 homes sold in Del Mar in September 2018, almost double the number of sales (up 90%) from last month. Here's a summary of what happened:
TOTAL HOMES SOLD
19 (up 90%), 31 Days on Market, Ave. Sales Price $1,871,776 (up 47%), Ave. sale 94% of asking price
Detached Homes Sold
13 (up 225%), 27 Days on Market, Ave. Sales Price $2,132,953 (up 20%), Ave. sale 94% of asking price
Attached Homes (condos, town homes) Sold
6 (no change), 41 Days on Market, Ave. Sales Price $1,305,891 (up 39%), Ave. sale 95% of asking price
Overall sales for September rose significantly for detached home sales but remained unchanged for attached. Average sale prices increased for detached homes (in large part due to the sale of 3 homes over $3M that raised the average), and for attached homes. Average marketing time decreased for both detached and attached home sales.
The median price for detached homes increased to $2,300,000 (up 33%), and to $1,251,000 (up 27%) for attached home sales in September compared to last month.
Buyers were able to negotiate, on average, 5 - 6% off list price in September sales; 2 detached homes (11%) sold for above asking price. 53% of the sales were cash transactions, compared to 20% in August.
In September there were no Del Mar homes on the market with a Contingent status, compared to 1 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 September over August, from 36 to 37 (up 3%). The number of Del Mar homes going pending (excluding homes that sold), however, decreased, from 16 to 12 (down 25%).
There were 94 Del Mar homes for sale at the end of September, 4 more than last month (up 4%). At the current rate of sales over a 3-month period, this represents an inventory of 7.3 months for detached homes (down from 7.6 months last month), and 3.8 months for attached properties (up from 3 months last month); the Del Mar housing market is now a balanced market for detached homes, and remains 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 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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