What’s the Value of My Del Mar Home?
Del Mar Home Sales in June 2020
Del Mar is a small coastal town in North San Diego County, and 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 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold this past March for $43,000,000!
Up to date information on the local Del Mar housing market conditions helps buyers and sellers make educated decisions about Del Mar homes for sale. These statistics were obtained from the MLS (the data are believed accurate at the time this report was written, but are not guaranteed, and do not include private/non-MLS sales).
21 homes sold in Del Mar in June, more than double the number of sales in May, despite the pandemic. Here's a summary of what happened:
Detached Homes Sold
15 (up 50%), 72 Average Days on Market; Average Sales Price $3,283,641 (up 75%); Average sale was 94% of original asking price
Attached Homes Sold
6 (versus 0 last month); 51 Average Day on Market; Average Sales Price was $916,666; Average sale was 93% of original asking price.
Overall sales for June rose dramatically from May, with more detached homes sold and 6 attached home sales compared to none last month. The average sales price increased significantly for the detached homes compared to last month, in large part due to a sale of one homes at $5.2M and one at $18M that raise the average substantially.
Average marketing time was longer for the detached homes than in May.
The median price for detached homes at $2,025,000 was 30% higher than last month.
Buyers were able to negotiate, on average, 6 - 7% off the original list price on their home purchases; 6 of the homes (29%) sold for asking price or more. 24% of the sales were for cash compared to 50% in April.
In June there was 1 Del Mar home on the market with a Contingent status, the same as last month (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). This home is the same court approval that has been waiting for many months for final approval.
The number of new listings in June decreased 40 last month to 34, but still a healthy number despite the pandemic. On the other hand the number of Del Mar homes going pending (excluding homes that sold) rose from 18 to 24 pendings, another busy month.
There were 81 Del Mar homes for sale at the end of June, a few more than last month (78), which is good news for buyers during the pandemic. At the current rate of sales over a 3-month period, this represents an inventory of 5.3 months for detached homes (down from 5.4 months last month), and 6.3 months for attached properties, a decrease from 6.6 months last month.
The Del Mar housing market remains a seller’s market for buyers of detached homes but is now a balanced market for buyers of attached properties.
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 continues to shift. One should not draw any firm conclusions regarding pricing, or other trends, because of the extremes in sales prices of Del Mar properties, especially at the high end, 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, and create a plan with you to purchase your new Del Mar home in 2020, 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, 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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