Del Mar, California Real Estate

An upscale San Diego community, Del Mar, California, lies in San Diego County and is home to a population of about 5,000. It lies right along the shores of the Pacific Ocean, making it home to some high-priced beachfront properties and some of the most beautiful beaches in the area. The area is more affluent than average, with per capita income of more than $62,000. Del Mar real estate is quite varied, from large, expensive, luxurious single-family homes to more modest homes and condos, both large and small.

Like so many other Southern California communities, Del Mar saw its real estate market tank after the credit crisis began and liquidity dried up. Home prices crashed, leaving many underwater on their mortgages, causing foreclosures to rise. This put a glut of inventory on the market and kept prices from improving. The year 2009 saw another dip in prices in homes in Del Mar. The annual average price for Del Mar homes for sale was $1.91 million, down from $1.98 million in 2008 and the high of $2.3 million in 2007. The median price, too, fell again. At the end of the year, it stood at $1.35 million, down from $1.53 million at the end of 2008 and the high of $1.7 million in 2005.

Sales activity, at least, was up in the area, according to statistics from Keller Williams Realty. There were 130 homes sold in Del Mar in 2009, up from just 96 in 2009 but still lower than 2007’s 136. Homes spent an average of 105 days on the market before selling, which was the highest average in at least the past 12 years and was up from 96 in 2007. In the late 1990s and early 2000s, this figure was just in the 60s.

The Del Mar condo market showed similar trends. The average sales price for condos in Del Mar in 2009 was over $646,400, down a hefty nearly 24% from the year prior, when the figure was more than $848,800. The median price, too, was down 25% year-over-year to $555,000 from $745,000. Condo sales activity remains low compared with figures over the past decade. There were 45 condos sold in 2009, more than 2008’s 41, but less than the triple-digit activity common in the early years of the decade. Condos spent an average of 90 days on the market before selling, the third-highest figure from the past 12 years, coming behind 2008, when it was 92, and 2006, when it was 93.