The Del Mar neighborhood, home to about 5000 people, is a charming place to live, work and play. Whether or not you are considering a relocation option, there are high chances that this attractive town will get you thinking about buying real estate in Del Mar.

Noted for its small community charm, magnificent beaches, fair weather, and a picturesque town center, Del Mar is tourists' and residents' dream alike. Two square miles of coastal land with breathtaking views over the Pacific and a small population of about 5000 could be on the top priority list of anyone seeking a laidback residential atmosphere. Add to that the luxury presented by the upscale homes of Del Mar, and fabulous restaurants and shopping, and the town will surely seem like a paradise.

Although Del Mar's sunny beaches and clement weather are its main attractions, the town has an appeal that also entices many other audiences. If you are a family with children, Del Mar's award winning school district is bound to attract you. For a lover of equestrian sports, the ever admired Del Mar Racetrack and the Thoroughbred Club where "turf meets the surf" are a guaranteed pull. And for one who takes in arts and culture by the bounty, the Del Mar Fair and Festival of Lights are sure to work their colors and illumination. These and more are reasons why you should be taking a look at the Del Mar real estate. For more information on Del Mar's geography, demographics, attractions, infrastructure and civic services, visit the Del Mar neighborhood blog.

Del Mar Real Estate

Del Mar comprises of six neighborhoods: The Beach Colony, Del Mar Bluffs, Del Mar Heights, Del Mar Terrace, North Via de la Valle (Rural Del Mar), and Old Del Mar. Surrounding areas include lagoons on either side of Camino Del Mar and state parks to the east and south, emphasizing the natural environment of this lovely community. Del Mar property types include Single Family, Residential, Commercial, Town Homes & Condominiums.

With interest rates above 6 percent since late last year, the California housing market has registered declining sales and a slowdown in the pace of price appreciation, despite achieving the highest quarterly price on record. In 2006, sales declined 10.4 percent compared to the fourth quarter of 2005, and fell 18.3 percent on a year-to-year basis, the largest since the second quarter of 1995. Research indicates that home price appreciation has been decelerating over the past year, as quarter-to-quarter percent change gradually declined from 8.8 percent in the second quarter of 2005 to 0.2 percent in the second quarter of 2006.

However, the real estate market in Del Mar is still relatively strong. Overall, in spite of everything, Del Mar is a great buyers' market. Real estate experts believe that it is a great time to buy right now. There is still flexibility in price and terms such as the seller offering to pay closing costs and even pay points to buy the rates down. Thus, the present looks like a good time to consider an investment in Del Mar real estate. But waiting for long is not a good idea because there is only so much coastline that Del Mar has, and everyone will once again be fighting to get a piece of it.

According to real estate expert Marty Waggener, "The Del Mar real estate market has changed radically since last summer. Prices are not climbing too steeply because there are more homes in Del Mar on the market. Some Del Mar homes that were overpriced have had to reduce their prices in order to attract buyers. In general, things are encouraging for buyers as they can be pickier with more inventory to choose from." Waggener adds that, "For many years, home prices in Southern California have climbed at a steady average of 20% a year, which is a lot of appreciation. Increases in equity have slowed down for now, but houses in the area are still appreciating at a good rate."

Research indicates that the "average" property in Del Mar is 4BR, 3.24 BA (bathroom), with 3,001 square feet floor area, an asking price of $2,807,800 and 84 days on market.

Del Mar Homes

Most of the Del Mar homes were built between the '40s and the '80s, and many have ocean views. Development laws prevent obstructing existing views and there are no drive-thrus allowed. Del Mar is a tight-knit community that wants to maintain its small-town charm.

Del Mar Home Listings

Inventory in the market has increased along with market times. According to San Diego MLS, there were 106 detached homes and 50 condos available in Del Mar as of May'06 whereas realtor Mike Stone reports that at the end of June'06 there were 159 total homes in Del Mar on the market, up from 156 the month before. As reported by San Diego House Hunting Team, overall Del Mar had 34 single family homes newly listed in May 2006 whereas 10 properties sold in May 2006. 93.46% of list price was realized in the sale price. The average days on market were 57. As reported by Evolved Homes, there were 28 newly listed detached homes throughout Del Mar in June 2006. The average list price was $2,285,535.

Although housing inventory in Del Mar has increased, it will be helpful to know that inventory is typically higher at the beginning of the year and tightens up after the first or second quarter.

To check out Del Mar home listings, www.sandiegotopproducer.com is a good place to start.

Prices of Del Mar Homes

According to San Diego MLS, home prices in Del Mar start from:

According to city-data, the median price asked for vacant for-sale houses in 2000 was $1,000,001. Compare this with the median home cost of $208,500 in the United States and you'll realize that Del Mar homes are premium. The site also estimates that out of the total 1,076 homes in Del Mar, the prices of around 472 homes is 1 million dollars or more. The median house value estimates in 2000 for various races are as follows:

1. White Non-Hispanic householders: $943,800
2. Black or African American householders: $85,000
3. American Indian or Alaska Native householders: $350,000
4. Asian householders: $500,000
5. Some other race householders: $875,000
6. Two or more races householders: $1,000,001
7. Hispanic or Latino householders: $737,500

As reported by realtor Joanne Fishman, the average sale price of a detached single family home in Del Mar through May'06 was $2,335,403 compared to the 2005 average of $1,901,966, which already shows a 23% appreciation since last year.

Prices for the period from May'05 to May'06 increased 26.6% for single family homes and decreased 12.5% for condos, reports realtor Greg Wickstrand. Average prices are partly volatile due to the low number of sales.

In 2006, sellers have received about 94% of their asking price, putting the market in favor of buyers.

And on a parting note, pssst... savor this: One of the unconfirmed rumors is that Brad Pitt has actually purchased a beachfront home in Del Mar. He told Diane Sawyer on national television that he intended to do that, and there was a flurry of publicity that he was moving to Del Mar. Now who was it who said that Del Mar could be the next Los Angeles of California?

BLOG SUMMARY

With its small community charm, magnificent beaches, fair weather, arts and sports, Del Mar is a dream town for residents and tourists alike. The blog reasons why it is a good time to invest in Del Mar real estate, giving specifics about listings and prices of Del Mar homes.