Homeowners Cash in Big
Finally! The day has come, and we have turned the corner. As real estate professionals, we look for three consecutive months of improvement before we declare a shift in the market. We are excited to share we have hit that 3 month period. Even more, we’re excited that we are moving in the right direction.
The months of March, April and May were extremely strong in Del Sol with a 31% increase in sale prices in Del Mar and a 23% increase in Solana Beach, compared to May 2012, which is the largest increase we have seen in over seven years. Homes have consistently come on the market, but the buyer demand escalated at an exponential rate, which fueled the Sold to List difference to increase by 9.5%. The average market time was only 11 days for homes that were listed within the last 90 days.
We haven’t seen sellers this optimistic in years. The average price per square foot in Del Mar has remained consistent and Solana Beach has increased 54% compared to 2012. In all of San Diego, we have seen a 23% increase from last year and sellers are finally able to make the next move.
Most importantly, we are in the age of hyper local markets. Hyper local means, for example, east side versus west side will have different market times, and different average sale prices. The best way to find out how your home fits in today’s market is to have a customized market appraisal. As your real estate professionals, we are happy to do this for you to keep you updated on the current value of your most important investment.
Data from Sandicor MLS.