The median home price in San Diego County decreased in August for the first time since March 2012, but luxury home fundamentals in coastal Del Mar remain strong. With 53 home sales in Q3 2019, the coastal Del Mar average sale price was $3.2 million, a 34.9% increase over Q2 2019 and 87.5% higher than Q3 2018.
Del Mar home sales volume has increased quarter-over-quarter this year with 35 sales in Q1, 48 homes trading in Q2, and 53 transactions in Q3. The average sale price in coastal Del Mar through three quarters this year topped $2.7 million, a 12.8% increase over last year. There were 136 home sales in our neighborhood (with 21 pending sales) compared to 143 sales through Q3 2018, a slight decrease of 4.9%.
The minimal drop-off in the number of home sales mirrors the national trend. According to the National Association of Realtors, national sales of $1M+ homes decreased 0.7% from August 2018 to August 2019. While the total number of home sales dipped, coastal Del Mar home values continue to increase with 86 homes valued over $1.5M trading hands through Q3 2019. Four homes over $10 million sold in the third quarter of 2019 alone, including two $20M+ estates, compared to five $10M+ sales for all of 2018.
The average home price of $2.7 million and the median price of $1.8 million is a substantial year-over-year increase, but it won’t land coastal Del Mar in the top 20 most expensive zip codes in the United States. A recent Forbes list of America’s most expensive zip codes ranked Bel Air at number 20 with a median home price of $4.7 million. Del Mar provides a superior quality of life, coastal amenities, a unique sense of community, and a relatively more affordable luxury home market than many other high-end coastal neighborhoods.
There are currently ±95 active listings in coastal Del Mar providing abundant options for home buyers. Whether your budget is under $1 million, over $5 million, or somewhere in between, the inventory will support your search. Homes valued up to $1.5 million that closed in Q3 2019 were on the MLS for an average of 36 days. Given the neighborhood’s idyllic lifestyle and relative luxury value, the Del Mar market is in high demand.
For sellers, the average time on the MLS for all coastal Del Mar homes sold so far in 2019 is 47 days. Buyer activity is strong creating robust competition and a healthy offering environment. Our team recently sold a 6,000-square-foot Tudor masterpiece in the Village of Del Mar that received significant buyer interest and multiple offers in less than two months from listing to close of escrow.
If you would like a personalized market analysis to see how current conditions could affect your home sale or purchase, please do not hesitate to give us a call.