DM Home Prices Still Above Average
October 2008 | by Bertha Leone

The correction in the San Diego real estate market continues. North San Diego County is no exception. The median price of all homes sold in North San Diego County, in August 2008, was $390,000, a decrease of 32.76% from the same period last year. But are North County statistics representative of Del Mar?

The median price of a detached home sold in Del Mar (92014 zip-code) in August 2008 was at least $500,000 higher than that of any other community in North County, with the exception of Rancho Santa Fe and Solana Beach, and $1 million higher than 75% of the communities in North County. The Del Mar homes sold had a median price of $1,560,000, an increase of 20% from August 2007. 

Is Del Mar, along with Solana Beach and Rancho Santa Fe, faring better than the rest of North County, where all of the remaining communities experienced a decline in median detached home prices? The small number of properties sold in Del Mar is not significant enough to be conclusive. In August 2008, Del Mar homes represented only 1% of the total homes sold in North County.  

The number of days on the market for homes sold in Del Mar in August increased 18% over August 2007. There are 18 months of inventory. Seventeen homes were taken off the market during August without selling and 21 properties are in foreclosure.

Tighter underwriting standards and the ongoing credit crunch continue to slow sales. It is a buyers’ market for buyers with secured financing (or cash) not hampered by these constraints. Interest rates remain at record lows.