In general, the real estate market in San Diego County has seen some positive movement over the past few months. With a population of just under 13,000 people and a median household income of about $91K, this affluent community is situated along 1.7 miles of the Pacific Ocean with Del Mar to the south, Cardiff-by-the-Sea to the north and Rancho Santa Fe to the east. It features a lot of activity for residents and vacationers to enjoy in terms of events, restaurants, the arts, and shopping. Additionally, the beaches are great for outdoor and water activities including surfing, swimming, beach volleyball, or simply sunning.
Selling Real Estate in Solana Beach
The real estate market in Solana Beach is somewhat topsy turvy right now. Condominium homeowners are sitting in a very good position at this time as prices show nice increases. However, single-family homes are slower to rebound. The most recent median sale price for condominium homes sits at just under $600K, a 45 percent increase over last year, while that of single family homes is at about $860K which is 34 percent lower than last year. Additionally, the number of sales for condominium homes more than doubled from last year while single family homes dropped. On a positive note, however, the number of pending sales for both types of homes shows solid, double digit increases over last year. Another interesting fact to note is that the number of active listings is down which eventually helps prices increase – basic law of supply and demand. Buyers are out there and ready to buy. Because of the location of Solana Beach, real estate investors are very interested in this area for vacation rentals and other buyers are out there interested in second and vacation homes.
Buying in Solana Beach
The time is right to buy in Solana Beach. Because single-family homes have been slow to turn the corner, there are deals out there. For condominium homes, solid increases show that condominium homes are a solid investment that will increase as time goes on. It is important to point out that the number of active listings is down from a year ago so making a move is necessary if there is a strong desire to buy in Solana Beach. Additionally, property stays on the market about 2-3 months signaling another reason to make the move.
In terms of foreclosures and short sales, they are a handful of each of them on the market. Buyers interested in this type of sale can expect to benefit somewhat but will need to put some work in the home for updates and repairs.
Relocating to Solana Beach
Solana Beach is a great spot to consider for relocation when moving to the North County Coastal section of San Diego County. It is an especially perfect area for families. Our agents have all of the necessary information including the important phone numbers and school information to make a move easier.
The Big Decision
Whether to buy or sell is a personal choice based on so many reasons. While some areas in San Diego County are seeing the real estate market rebound, Solana Beach is a little slow to follow suit. It is still somewhat a buyers’ market but not for long. That will change as the market continues to strengthen and grow. Our agents have a lot of experience with the Solana Beach real estate market to help sellers and buyers with their most prized investment. Give us a call to talk about the opportunities.
Solana Beach offers something for everyone in terms of the beach lifestyle and the conveniences of a metro area. Take a look at this wonderful beach town.