Wind In The Sales
John Wilcox & Tracy Weaver | Powerhouse Properties, CDM
Photo courtesy Powerhouse Properties, CMD.
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Like the recent storms that blew through our area, along with the unpredictable intensity and bursts of energy also come some excitement and a much needed deluge. That’s a bit how we see the real estate forecast: Especially during changes in administrations things can be a little unpredictable at first, with much depending on economics, interest rates, overall sense of confidence, and, in places like Del Mar, people who have a lot of cash.
To look ahead let’s look back at 2016 and how it compared to the year before. Overall, there was a very significant upward trend in values even though overall activity was lower last year than the previous year. Here’s a recap:
A couple of important notes regarding the significant increase last year in the average sales price: Much of that increase has to do with the fact that there were seven oceanfront homes sold in 2016, ranging in price from $8,000,000 - $18,000,000 and with a price per square foot ranging from $3,265 - $5,142, so that’s definitely going to skew the averages. In 2015 there was only one oceanfront sale.
If we take the six highest priced oceanfront sales out of the equation, the average single family detached sales price in Del Mar for 2016 was $3,248,944 with an average price per square foot of $1,388 – still an impressive increase of about 16% over the year before.
No matter what, the sales of those oceanfront properties, and the interest and investment in Del Mar which that represents, must bode well. As they say, a rising tide lifts all ships. And if that kind of storm surge of buying activity continues in any way in 2017, it should be another exciting year.