Home Listings And Prices in Cardiff By The Sea, CA For August 2018
Real estate market data for Cardiff By The Sea, CA provided by Rob Denny of Home Smart Realty West
Cardiff By The Sea Home Prices
This Cardiff By The Sea, California listings and home market report is for all of zip code 92007. If you would like to see a specific Cardiff By The Sea neighborhood, scroll down to the bottom of the page. I do not include any Manufactured homes or multi-unit homes in any of my housing reports. if you are looking for these, please email or call me and I would be happy to put a report together for you.
Detached single family homes
The first line of this months Cardiff By The Sea, California listings and home market report shows new listings are down 25% in August compared to the previous year but when you look at the actual number it’s only 16 to 12. Homes going into Escrow (Pending/accepted offer) were down 25%, but again, only 8 homes in 2017 to 5 homes this year. The number of closed sales remained almost identical with 8 last August compared to 7 this year. All is not for a loss though. In fact, the two biggies, days on market (DOM) and prices both had nice jumps. DOM took a huge drop from 77 days last year to 16 days this year. Prices saw the largest increase on the coast at 11.4%, remained steady with Median seeing a slight increase and average a slight decrease. This shows that a lack of Cardiff inventory for single-family detached homes continues to cause increased prices. There are currently 33 homes listed for sale in Cardiff By The Sea. Comparing the last 12 months, New listings, pending sales, closed sales and prices are all down from 2017 while days on market has dropped significantly by two weeks.
The first line of this months Cardiff By The Sea, California listings and home market report shows new listings went up to 8 in August compared to 6 the previous year. Homes going into Escrow (Pending/accepted offer) were down from 4 homes in August 2017 to 2 homes this year. There was quite a jump in closed sales from 1 in August 2017 to 8 this year while DOM was pretty consistent, 32 days August 2017 to 30 days this year. Don’t be fooled by the huge difference in average price sale. The one closing in August of 2017 was West of I5, new construction with an ocean view. This year’s sales are more normal with attached homes east of I5 included in the closing numbers in the $575,500 range and up. While numbers are down slightly over rolling 12 months, DOM has stayed steady meaning things are really moving as expected.
Cardiff By The Sea, California Listings And Home Market Report Report Summary
The Cardiff market remains steady with no huge jumps to be concerned about either way (buying or selling). What I think will be interesting is if interest rates continue to bump up as predicted. Last week they hit a seven-year high at 4.71%. Will this make people sitting on the fence jump into the market due to fear of rates rising? Time will tell, but each time interest rates go up, buyers qualify for less of a house. I will be watching to see if mortgage loan applications continue to go down. If so, this could turn from a seller to a buyer market. While this won’t happen overnight especially with sold prices staying up around 98% of listing price.
Median Sale Price vs Average Sale Price explained
Median sale price literally takes the middle number of total homes sold for an area. For example, say 16 homes sold. You would take home number 8 which sold for $200,000 and home 9 which sold for $100,000. You would add these two numbers together which equals $300,000 then divide by 2 which equals $150,000. In this scenario, the Median homes sales price is $150,000.
Average sale price takes total $$$ sold amount divided by the number of homes sold. For example, if 2 homes sold for $500,000 the average would be $250,000.
Cardiff By The Sea Neighborhood Market Report Breakdown
Click on the name of the neighborhood to be taken to the latest Cardiff By The Sea, California listings and home market report for that particular neighborhood.
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