The Del Mar real estate market is, like many places in California and the country as a whole, a competitive one. Just in March, Del Mar beachfront homes were able to sell for over the asking price, with at least one home selling 14% over its listing price while only being on the market for seven days. Will this trend continue for the rest of the year? Let’s look at what you can expect from Del Mar real estate for 2022.
The current market conditions in Del Mar are creating opportunities for both buyers and sellers to achieve their lifestyle goals through real estate.
Pacific Sotheby’s International Realty’s IN FOCUS reports analyze the real estate performance in many of Southern California’s most in demand markets, including Del Mar.
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- Booming demand across all price ranges
- Surge in value entices homeowners to sell
- Low mortgage rates, out-of-state and foreign buyers will keep the market strong
How fast are homes selling?
The average sale time for real estate in the area has gone up by about 20% since last February when Del Mar homes for sale spent about 65 days on the market. Still, homes in this desirable community are going relatively quickly. Homes that have been updated with desirable amenities can easily sell in under 30 days, making it a continuing challenge for buyers to find and make a successful offer on a home before someone else snaps it up.
How many homes are for sale?
How many homes have sold in the past year?
These increased numbers put sellers at an advantage over other areas in Southern California, which have seen sales drop by almost 10%. Pending sales have seen a trend of declining by double-digit percentages, with the number of condos suffering a bit more than single-family homes.
One-bedroom homes, like Del Mar condos for sale, have seen their median sold price decrease by 0.9% since last year. Still, their median prices have set a new record in the state, at $640,000. In general, condos outpace single-family homes in median price growth. Yet houses have increased, with two-bedroom homes going up by 36.3%, three-bedroom homes increasing by 73.3%, four-bedroom homes going up by 58.5%, and five-bedroom homes increasing by 67.8 percent.
How does the market compare to past trends?
The past three years have shown us that the month of March usually has a higher number of homes sold in the area than the previous months. Overall though, this number has decreased since May of 2021, when it was at the highest it’s been in five years. Still, the median days on the market for Del Mar homes for sale have continuously decreased since 2018.
The median sale price of residential real estate has been perpetually going up since 2012, with its lowest price of $1.34 million being hit back in 2013. This price has consistently stayed above $2 million since 2017 and only looks to be increasing.
Buying or selling Del Mar real estate in 2022?
Our Pacific Sotheby's International Realty's Lens on Luxury report, is a deep dive in on the data of 16 of the top luxury areas within Orange County and San Diego, including Del Mar. In 2021, the Southern California luxury real estate market was hotter than ever before. What used to be considered "luxury" has now been redefined.
Interested in other areas near Del Mar? Check out Rancho Pacifica, San Diego.