Tracy Weaver and John Wilcox | Powerhouse Properties, CDM
The general buzz among agents and industry insiders is that 2015 is going to be a “Happy” year in real estate. (Hear: the catchy Pharrell Williams song from last year!)
For the overall zip code, 92014 was the only part of San Diego that sold more single-family detached homes in 2014 than in the previous year, and that trend appears to be continuing. So far this year activity and interest seem to be riding pretty high and steady with already a number of some big-ticket sales taking place.
Here’s a breakdown of some other stats from our friends at DataQuick for just single family detached homes in Olde Del Mar including the Beach Colony:
• There were 50 sales in 2013 compared to 61 sales in 2014;
• The average sales price went from $2,815,344 in 2013 to $3,582,377 in 2014;
• That represents a 22% increase in volume and a 27% increase in price.
Remember, these numbers are just for single family detached homes and include the higher priced real estate down by the beach, but even so there were gains across the board in all of Del Mar proper. One exception would be when we look at condos in the Beach Colony: on average, the price for those units dropped by about 10% with an average sales price of $1,419,167 in 2013 (six units) to $1,276,900 in 2014 (10 units).
Putting all of that into perspective, when looking at all of Olde Del Mar including the Beach Colony, we’re still a way from the peak average sales price in 2007 of $5,154,932 compared to $3,582,377 in 2014. But if you take out the Beach Colony from those numbers, we’ve already exceeded the peak by a little bit: Olde Del Mar not including Beach Colony average sales price was $3,025,463 in 2007 and $3,034,479 in 2014.
Looking forward to 2015 the indicators are there for a continuation of steady activity with price increases possibly leveling off a bit. It’s still a bit early to say, but overall forecasts across the county and even the country are giving a steady but smaller rate of price increases for the coming year.
Having said that, we know Del Mar is unique and often bucks the local, regional and even countrywide trends, and with quite a bit of building and remodeling taking place it’s shaping up to be a dynamic and exciting year.