What Happened in the Del Mar Real Estate Market in November 2011?

Reblogger Brian Brady
Mortgage and Lending with San Diego VA Home Loans/858-777-9751

I always like Jeff Dowler's markets analyses.  As you can see, someone can own a condo property in Dal Mar for as little as $2000/month. 

Original content by Jeff Dowler CRS CalBRE Lic #01490977

What Happened in the Del Mar Real Estate Market in November 2011?

Del Mar Homes for Sale - Homes for sale in Del Mar CA

Del Mar is a small coastal town in North San Diego County and one of the most expensive towns in the county. Indeed, the Del Mar real estate market currently has the most expensive home for sale in San Diego County (at $61M), and still holds the record for the most expensive property sold (at about $48,000,000). 

READ MORE: Del Mar - Affluent Seaside Town (A Community Profile) 

Having up to date information on the local Del Mar real estate market is important for buyers and sellers to make informed decisions about buying and selling Del Mar homes. Here are the statistics obtained from the MLS for Del Mar for November 2011 (the data are believed accurate but are not guaranteed, and do not include private sales). 

11 homes sold in the Del Mar real estate market in November, 21% fewer than in October. Here's a summary of the activity: 

 

Total

Detached

Attached

# Sold

11 (down 21%)

5 (down 55%)

6 (up 100%)

Average Price

$1,367,272 (up 4%)

$2,595,000 (up 76%)

$344,199 (down 51%)

Days on Market

142

140

143

Sale Price/List Price Ratio

92%

91%

94%

Overall sales volume shifted down fairly significantly, but while detached home sales dropped dramatically, there was a doubling of attached home sales. Sale prices of detached homes rose substantially, but this was due to the fact that all sales were above $1.75 million, with 1 in the low $4 million range. In contrast, 4 of the 6 attached homes sold for under $300K, dropping the average price significantly. And Days on Market also rose significantly to more than4.5 months.

There were 7 Del Mar homes on the market at the end of November 2011 with a Contingent status (i.e., homes with offers being reviewed by short sale and REO lenders, 5% of the total number of homes for sale). These are included in the overall Active statistics below. 

33 homes entered the Del Mar real estate market in November, 2 more (6%) than in October. 17 Del Mar homes went pending in November, a significant jump by 89% over October pendings.

There were 150 Del Mar homes for sale at the end of November, a downward shift by 6% from October, the 3rd month of inventory decline. At the current rate of sales over a 6-month period, this represents an inventory of 8.5 months for detached homes (up from 8 last month), and 8.1 months for attached properties, down from 9.5 months in October.

READ MORE: How Important is Inventory when Buying or Selling? Very!!  

As with any statistic, 1 month of numbers does not establish a trend, so it is important to watch what is and has been happening over a period of time. One should not draw any firm conclusions regarding pricing because of the extremes in the Del Mar real estate market, as well as the fairly small number of sales. 

Search for Del Mar Homes for Sale

Search for Del Mar Beach Colony Homes for Sale

 

READ MORE:

Del Mar Homes for Sale | Del Mar Real Estate Market Report for October 2011

Del Mar Homes for Sale | Del Mar Real Estate Market Report for September 2011

Del Mar Homes for Sale | Del Mar Real Estate Market Report for August 2011

Del Mar Homes for Sale | Del Mar Real Estate Market Report for July 2011

Del Mar Homes for Sale | Del Mar Real Estate Market Report for June 2011

Del Mar Homes for Sale | Del Mar Real Estate Market Report for May 2011

 

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Rainmaker
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James A. Browning
Browning Real Estate School/REO Institute - International, INT
MRE REOCertified(R) SSCertified

Thanks for the information you posted. Please, join our group on LinkedIn, ‘REO Institute’. We share real estate information regarding market trends, Short Sales, BPOs, REOs, ideas, education/training, and Commercial education. We value you your comments, opinions about the real estate industry.

Thanks

James A. Browning MRE, CEO & Founder, REO Institute

Jul 22, 2012 09:53 AM #1
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Rainmaker
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Brian Brady

VA Home Loans/San Diego
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