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Del Mar, CA Real Estate Market Overview
Del Mar's housing market is currently experiencing a phase of competitive growth. The median sale price for homes has soared to an impressive $2.7 million, a 20% increase compared to last year, highlighting the area's increasing desirability and investment potential. Similarly, the median sale price per square foot has witnessed a significant jump, now standing at $1,510, which is a 55.5% rise from the previous year.
As of October 2023, the Del Mar real estate landscape shows a robust upward trend. Homes are selling at a median price of $2.7M, reflecting a substantial 20% increase year-over-year. The market has adjusted from the faster pace of last year, with homes now taking an average of 90 days to sell, compared to 32 days in the previous year. However, the number of homes sold has slightly increased, with 7 homes sold in October 2023, up from 6 in the same month last year.
Del Mar's market is characterized as somewhat competitive, with homes typically selling for about 5% below the list price and going pending in around 30 days. The most attractive homes, often referred to as 'hot homes,' can achieve around list price and may go pending in as few as 10 days. This scenario suggests a market where buyers have room for negotiation but must act promptly for premium properties.
Between August and October 2023, about 29% of Del Mar homebuyers searched to move out of the area, while a significant majority of 71% looked to stay within the Del Mar metropolitan area. This trend indicates a strong local preference among residents. Nationally, 2% of homebuyers are considering moving into Del Mar from other metropolitan areas, with the highest interest coming from Los Angeles, followed by San Francisco and Washington. Conversely, those moving away from Del Mar show a preference for Las Vegas, Nashville, and Portland, highlighting varied relocation interests.
Navigating the dynamic and competitive Del Mar real estate market requires expertise and insight. As your local real estate professional, I'm is here to guide you through every step of purchasing your dream home in Del Mar. With a deep understanding of the market trends and a commitment to personalized service, I'll ensure that your home-buying experience is seamless and satisfying.
For more information or assistance in finding your perfect home in Del Mar, contact me. Let's turn your dream of owning a home in this vibrant community into a reality!
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