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What Sells? DM Real Estate Blazing Hot
Tracy Weaver & John Wilcox / Powerhouse Properties, Camino Del Mar

 

Courtesy Tracy Weaver & John Wilcox
Click on image to enlarge.

 

The buzz on the street among agents is that Del Mar, unlike some of our other high-end neighborhoods, is the place to buy or sell! We have seen some explosive sales activity so far this year, and here’s a quick breakdown of how this year is stacking up compared to last year (which was a good year itself):

  • Just looking at Old Del Mar single family detached homes, right now we have a very dynamic and healthy balance of inventory with 30 active properties, 11 properties in escrow, and 33 sold properties since the beginning of the year.
  • Last year at this time we had just 15 sold single-family detached homes.
  • The average sold price so far this year is running at $3,067,000 compared to $2,516,000 for this same time last year…that is an increase of about 20% in sales price and double the amount of volume.

There are probably a lot of reasons for it, but the biggest is and always will be that Del Mar is a gorgeous place to live and call home, and they aren’t making any more coastline! Also, compared to some of our surrounding neighborhoods like Rancho Santa Fe and even Carmel Valley, quite a few people are in the market right now to downsize and simplify; many families with school-aged kids are seeing them go off to college, and that dream of having a home by the sea in Del Mar is now a more viable and pressing option and reality.

We’ve also seen a number of ocean front sales so far this year, a strong indicator of the market and the overall demand for coastal living. When it comes to pricing, it’s all about establishing the trigger point: that strike zone positioning where a property is priced even just a tad below where indicators might suggest, thereby creating a sense of excitement and urgency. That happened for us just recently with a listing in the beach colony neighborhood, which sold in less than a week with multiple interested parties and closed in six days above asking price.

Here’s to a nice steady warm trend – in the market and the weather -- as we head into the high season!

 

 

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