Del Mar is one of the most sought after areas to live in Southern California. Situated along the Pacific coast miles of coastline, it is definitely worth a trip to see this picturesque quaint beach town. Located just about 20 miles north of San Diego and west of the more business populated areas in San Diego County, Del Mar is a top pick among executives and professionals who desire a more affluent and close-knit community. In addition to full-time residents, investors seek out property for vacation rentals because of the growing popularity of Del Mar as a vacation spot.
Selling a Home in Del Mar
Sellers have a big decision to make in terms of listing their homes for sale. This market is not as quick to rebound as other parts of the county. Prices have begun to stabilize and even slowly inch up.
Single family homes are priced anywhere between the upper-$600s in neighborhoods in the eastern part of Del Mar (still close to the coast) and over $25 million for grand hill top estates overlooking the Pacific Coast. The most recent median price of a single-family home is about $1.2 million with the average number of days on the market sitting at about 95 days. Over the past few months, the number of sales and pending properties has continued to increase which indicates that more homeowners are venturing into the market. Sellers can expect to negotiate some as the sale/list ratio sits at about 93 percent.
Condominium homes have a median price of about $640K and sit on the market for a little bit longer at about 130 days. The number of sales and pending properties has increased as well. While the prices are down a tad from previous months, they are up a good bit from last year which speaks volumes.
Buying a Home in Del Mar
There are different buyers in Del Mar: those who live here year round; those who live here part time or vacation here; and, investors wanting vacation rental property. For any of them, the numbers tell the story. Because homes sit on the market for about three to four months, buyers can take time to look at different properties depending on the location and price. Additionally, the sale/list ratio sits at about 94 percent on average so there is some room to move in terms of offers.
Distressed properties are not as prevalent in Del Mar making it harder to find a foreclosure or short sale on the market. In any given month, there may be one sale, if any, for a distressed property.
Our agents know the Del Mar area and real estate market. With everything at their fingertips, they can provide the latest information to buyers and sellers in an effort to help them with their end of the transaction. For distressed properties, working with our agents gives you the ability to know when a property of this type comes on the market.
In a Nutshell
Del Mar has so much to offer its residents and investors. This ideal spot for an easy and relaxed lifestyle is a dream for everyone. While the market is not rebounding at the rate of some of the other parts of the county, the homes are of a higher caliber and not priced at a point that everyone can afford. As the rest of the market continues to increase so too will the Del Mar real estate market. It will just take some time.