What’s the Value of My Del Mar Home?
Del Mar Home Sales for October 2020
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 in San Diego County (at about $48,000,000 in 2007). This oceanfront estate was again listed for sale at $48M for about a year and sold in March 2020 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).
19 homes sold in Del Mar in October, 3 fewer than in September. Here's a summary of what happened:
Single Family Homes Sold
10 (down 41%); Average Sales Price $2,376,750 (down 11%); Average sale was 94% of original asking price
Condos, Townhomes and Duplexes Sold
9 (up 80%); 17 Average Days on Market; Average Sales Price was $945,877 (no change); Average sale was 98% of original asking price.
Overall sales for October dropped slightly, with fewer single family homes sold, but more condos, townhomes and duplexes. The average sales price dropped for the single family homes compared to last month. The average sales price for the condo, townhome and duplex sales did not shift from last month. Sales prices ranged from $665,000 to $6,627,500.
Average marketing time was shorter for condos, townhomes and duplexes than in September.
The median price for detached homes at $1,825,000 was 7% higher than last month. The median price for attached homes was $775,000, up 19% from September.
Buyers were able to negotiate, on average, 2 - 6% off the original list price on their home purchases; however, 3 buyers paid asking price or more for their new homes.
In October there were 4 Del Mar homes on the market with an Active under Contract status compared to 3 last month.
The number of new listings in October decreased from 34 last month to 23, but still a relatively active month for sellers. The number of Del Mar homes going pending (excluding homes that sold) was nearly the same at 22 pendings, a fairly busy month for home buyers.
Inventory declined from last month with 71 Del Mar homes for sale, down 15%. At the rate of sales over the last 3 months, this represents an inventory of 5.9 months for single family homes (up from 3.8 months last month), and 1.9 months for condos, townhomes and duplexes, a decrease from 2.3 months last month.
The Del Mar housing market has shifted toward a balanced market for buyers of single family homes, but is a very strong seller’s market for condos, townhomes and duplexes.
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 cannot 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 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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