The following is a summary of market conditions from the MLS for Encinitas for the month of July. Please note that information from private sales and new construction developments not in the MLS is not included here.
- Homes for sale - 221 detached, 68 attached (down 1% from June)
- 59 detached and 17 attached homes came on the market in July (6 of these homes or 8% went into escrow in the month they came on the market)
- 205 detached and 91 attached homes have sold in the last 6 months
- Absorption (inventory) is 6.5 months for detached (a small increase from June) and 4.5 months for attached homes (a decrease)
- Average marketing time was 71 days for attached and 59 days for detached
- Median sales price for detached - $865,000, a 2% increase over June
- Median sales price for attached - $460,000, down 5% from June
On average, homes are selling at 93% (detached) and 96% (attached) of list price, which has been the trend for some time (with minor bumps up and down).
As the inventory shifts each month, the data can vary as well, so monthly changes by themselves are not very meaningful. Watching the price trends over time are much more revealing. For example, detached home prices (based on the median) are 1% higher than 1 year ago, whereas the median price for attached homes is 7% less than in July 2006.
The current inventory has shown a gradual increase since December, not an unexpected trend, but is still almost 30% below the peak of June 2006.
The Encinitas real estate market seems to be, for now, on an even keel as compared to county-wide sales, and the number of transactions based on the MLS is a little ahead of the same time last year (351 homes have sold YTD in 2007 compared to 337 for 2006, and detached sales are about 8% ahead of the same time period last year).
Interestingly, this contrasts sharply with the overall data for San Diego County - total sales are lagging by 13% as compared to July of 2007.
If you would like more information about Encinitas real estate or other local areas, please let me know (text or call me directly at 760-840-1360 or email me at JDowler@remax.net). The more information you have, the better off you will be as a consumer.
Start your ENCINITAS HOME SEARCH HERE
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