It’s important that buyers and sellers in the Cardiff real estate market look for up to date information about local and current market conditions so they can make informed decisions about Cardiff homes for sale.
The Cardiff-by-the-Sea housing market is small and very localized, and finding comparables for determining price for either a listing or a purchase can be tricky due to limited inventory, the diversity of Cardiff properties for sale, and monthly market fluctuations.
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Here is a summary of the Cardiff real estate market for May 2017 based on information provided by the MLS (private sales are not included; the data are believe to be accurate as of this writing but are not guaranteed).
TOTAL HOMES SOLD – 15 (up 36%); Ave. 25 Days on Market, Ave. Sales Price $1,139,780 (down 27%); Ave. sale 97% of asking price
Detached Homes Sold – 10 (up 11%); Ave. 35 Days on Market, Ave. Sales Price $1,363,550 (down 19%); Ave. sale 95% of asking price
Attached Homes Sold – 5 (up 150%); Ave. 6 Days on Market, Ave. Sales Price $692,000 (up 37%). Ave. sale 101% of asking price
The overall volume of sales in Cardiff shifted upwards from last month across the board, but especially for attached homes. 20% of the homes sold in May were cash transactions, compared to 36% in April. Almost half of the homes (47%) sold for asking price or better. Average prices dropped for both detached and attached homes – this is due, in part, to the high percentage of homes selling last month for over $1M that had raised the averages significantly.
At the end of May 2017 there was 1 home in the Cardiff housing market with a Contingent status (i.e., for the most part short sale and REO homes that have accepted offers being reviewed by the lenders), the same as last month. This information is included in the total of active listings.
As of the end of May 2017 there were 25 Cardiff homes for sale, a 14% decrease in inventory from April. This represents an inventory of less than 1 month for attached homes (down from 1.7 months last month), and 3.9 months for detached homes (up from 2 months last month). The Cardiff market remains very competitive for buyers, and is a very strong seller’s market for buyers of attached homes and a seller’s market for detached homes.
16 Cardiff homes came on the market in May, compared to 24 in April (down 33%). In contrast 18 homes went pending in May (not counting those that sold), compared to 13 in April (up 38%).
Data are based on information provided by the MLS. If you would like more details about the Cardiff real estate market with regard to current activity as well as the specific areas including the Walking District and the Composer District, I am happy to provide detailed reports on these specific areas for you.
Keep in mind that due to the overall limited volume of sales one cannot draw any firm conclusions about pricing trends.