What’s the Value of my Solana Beach Home?
Solana Beach Home Sales for February 2019
Understanding recent trends and current market conditions is essential so buyers and sellers can make informed decisions about buying or selling Solana Beach Homes for Sale.
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The following data are taken from the San Diego MLS for Solana Beach home listings and sales (private sales are not included, nor are multifamily properties or mobile/manufactured housing). The data are believed to be reliable at the time this report was published, but are not guaranteed.
In February 2019 there were 12 Solana Beach homes sold, up 33% from last month, another increase. Here are the highlights:
Detached Homes Sold
5 (up 25%), 103 Days on Market, Ave. Sales Price $2,907,800 (up 89%), Ave. sale 91% of asking price
Attached Homes (condos, town homes, twin homes) Sold
7 (up 40%), 41 Days on Market, Ave. Sales Price $920,142 (up 24%), Ave. sale 98% of asking price
Overall sales volume in the Solana Beach housing market for February rose from January, for both detached and attached homes. Average sales prices increased fairly significantly for attached homes (condos, town homes), in part due to 2 homes selling for over $1.2M; we saw a more substantial increase in average price for detached single family homes, but this is no doubt due to 2 homes selling at over $3.85M which raised the average. Average marketing time rose for both detached and attached homes.
Buyers were able to negotiate their sales prices down from list price, on average 2 - 9%; however, buyers of 2 condos paid asking price. 33% of the homes sold for cash, compared to 11% last month.
The median sales price of a detached home was $2,715,000 (up 83%), and $750,000 (down 2%) for attached. Given the number of sales, one should not draw any firm conclusions about pricing trends over just a 1-month period.
At the end of February 2019 there were 52 homes for sale in Solana Beach, an increase by 21% from last month, the second consecutive increase and good news for buyers. There was contingent listing (these are typically short sale or REO homes with offers being reviewed by lenders and considered active although some may be first right of refusals), compared to none over the last 3 months.
This represents an inventory of 4.4 months for attached homes (up from 3.4 months last month) and 6.8 months for detached (up from 4.5 months last month) based on the current rate of sales over the last 3 months. Housing is a sellers’ market for attached home buyers, but has become a balanced market for detached single family home buyers, more good news for buyers interested in single family homes.
In February 28 new listings hit the Solana Beach real estate market, 17% more than came on the market in January, also good news for buyers; similarly the number of homes going pending (excluding homes that sold in February) increased modestly from 7 to 11 in February!
Please give me a call at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have about the market and how local market conditions affect your buying and selling needs and plans. Then we can create a strategy to help you buy or sell your Solana Beach home in 2019.
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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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