Del Mar's Racing Seller's Market Slows Slightly
by Blanche Evans
Home of the famous Del Mar racetrack made more famous by the recent book and movie "Seabiscuit," Del Mar, California is a lovely seaside resort and town that is experiencing steady growth in home sales. "The small, coastal city of Del Mar is bounded by the Pacific Ocean to the west, Solana Beach to the north and the City of San Diego to the south and east," explains Realtor Joanne Fishman. "With its beautiful beaches and picturesque town center, Del Mar is noted for its boutiques, antique shops and fine restaurants as well as its equestrian centers. Home of the Del Mar Race Track, which offers thoroughbred racing in the summer, it's also the site of the annual San Diego County Fair. In addition, Del Mar is the site of the state Del Mar Horse Park, which hosts national equestrian events. "Where the turf meets the surf," is the way Bing Crosby, one of the race track's founders, used to croon about the city. And that's become the town's unofficial motto. This city of some 5,000 people also boasts excellent schools." About the market Fishman suggests, "Home prices in Del Mar remain flat after a sizzling run up in the spring. In fact, the median price of homes sold through October, $1,610,489, is down slightly from the preceding month, according to MLS statistics. Nonetheless, this is up some 25 percent over the average sold price for 2003. Similar to much of the county, Del Mar is experiencing rising inventory which tends to reduce the pressure on home prices. Because of coastal Del Mar's charm and its location, with beautiful beaches and a short drive from La Jolla and Sorrento Valley high-tech and bio-tech firms, it continues to be one of the most popular areas in San Diego County." Says Realtor Mary Buchanan, "Del Mar's boundaries are the Pacific Ocean, the city of Solana Beach and the unincorporated area of Rancho Santa Fe. Today the City of Del Mar is two square miles of coastal land with a population of about 5000 people. The main attraction of visitors is still the beach and sunny weather. Of course, the annual Del Mar Fair and the famous Del Mar Racetrack bring in people from all over the world." Buchanan says, "The already hot housing market is likely to stay that way in 2005 and homeownership will expand over the next decade. Immigration, population growth, tight inventory and building constraints will fuel demand, even as bargain interest rates rise. I predict a continued appreciation in home prices. Baby boomers are not moving into smaller homes, as had been expected, many still want large homes. Del Mar continues to draw buyers who want to be coastal and with its limited supply of properties, values continue to escalate and inventory is tight.The economy appears headed for a banner year, in fact, many analysts are forecasting that the overall economy, as measured by the gross domestic product, will grow by 4.5 percent or better this year." Advises Realtor Brad Butner, "The current market conditions are stabilizing from the strong seller's market of a few months ago where multiple offers and offers over the market value were common. Much of the activity a few months ago was based upon inventory levels and not enough homes to satisfy the market needs. Currently inventory levels are at a point to meet the demand and most sellers can expect to have their home on the market for 30 to 60 days before they receive an offer. While prices are still strong there is more room to negotiate and to purchase a home for a fair price. These conditions are good for any buyer since they will have more choices and can make an offer on the home that best suits there needs. Also with the current trend on low interest rates the market will continue to be strong seeing double digit appreciation rates making home ownership one of the best investments you can make!" |
