What’s the Value of My Cardiff-by-the-Sea Home?
Cardiff Home Sales for October 2019
Buyers and sellers in the Cardiff real estate market need accurate and up to date information about the current local market conditions in order to make informed decisions about Cardiff homes for sale.
Local market conditions have a big impact on buying and selling – inventory, pricing, competition, time on market - and you need to understand these circumstances and how they could affect you as a buyer and/or seller.
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Here is a summary of the Cardiff real estate market for October 2019 based on information provided by the MLS (private sales are not included; data are believed to be accurate as of this writing but are not guaranteed). A total of 16 homes sold during October, double the number sold last month!
Detached Homes Sold
12 (up 140%); Average of 49 Days on Market, Average Sales Price $1,634,125 (up 50%); Average sale was 94% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
4 (up 33%); 46 Days on Market, Sales Price $1,512,500 (up 16%); Sale was 96% of original asking price
The overall volume of sales in Cardiff was up substantially from last month, especially for detached home sales. 31% of the transactions in October were for cash, compared to 25% last month. The average sales price for detached homes rose significantly, no doubt due to the sale of 4 homes over $1.8M that raised the average; the average attached home sales price was also higher in October, with 3 of the 4 homes selling for over $1.29M.
Home buyers negotiated 4 to 6% off the original asking price, on average; 3 detached home buyers paid asking price or better. The average time on market increased modestly from last month for both detached single family homes and attached home sales.
At the end of October 2019 there were no homes in the Cardiff housing market with a Contingent status, compared to 1 last month which was a short sale (i.e., some Contingent listings are short sale and REO homes that have accepted offers being reviewed by the lenders, but these days when they occur most tend to be first right of refusals where offers have been accepted that are contingent on the sale of a buyer’s home).
As of the end of October 2019 there were 35 Cardiff homes for sale, down 8% from September; homes range in price from $615,000 to $5,850,000. We have 2.7 months of inventory for attached homes (down from 3.8 months last month), and 3 months for detached homes (down from 3.8 months last month), based on the rate of sales over the last 3 months. The Cardiff market remains a strong seller’s market overall.
18 Cardiff listings came on the market in October, significantly more than the number of new listings in September, which is good news for buyers given the overall inventory. 14 homes went pending in October (not counting those that sold), compared to 9 last month – it was a pretty active housing market!
Data are based on information provided by the MLS. If you would like more details about the Cardiff real estate market with regard to current activity, as well as the specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these specific areas for you and to assist you with the sale or purchase of a home in Cardiff by the Sea.
Due to the relatively small volume of sales one should not draw firm conclusions about pricing and other trends in Cardiff by the Sea.
Keep in mind that average prices can be significantly affected by the sale of high and/or low priced homes each month, especially when sales volume is low.
Please reach out to me at (760) 840-1360 so we can discuss your housing needs, lifestyle, and budget, answer all of your questions, and create a strategy to help you buy and/or sell your Cardiff home in 2019 or as we head into 2020.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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