Here are the Encinitashome sales statistics from the MLS for September 2007 (private sales and new construction development sales that are not in the MLS are not included here).
- Homes for sale - 222 detached, 75 attached (about the same as in August)
- 50 detached and 18 attached homes came on the market in August (7 of these homes or 10% went into escrow in the month they came on the market)
- 214 detached and 82 attached homes have sold in the last 6 months
- Absorption (inventory) is 5.4 months for detached (a decrease from August) and 4.9 months for attached homes (a slight increase)
- Average marketing time was 72 days for attached and 59 days for detached (consistent with August)
- Median sales price for detached - $875,000, about the same as in August
- Median sales price for attached - $460,000, same as August
Encinitas homes are selling, on average, at 95% (detached) and 96% (attached) of list price, which has been consistent for 7 months (with minor shifts from month to month).
Monthly changes, in and of themselves, are not very meaningful, since the inventory shifts each month. Indeed, paying attention to the price trends over time is much more revealing. For example, detached home prices (based on the median) are 4% higher than 1 year ago, whereas the median price for attached homes is 5% lower than it was in August of 2006.
The current inventory has been been gradually increasing since December although it has now leveled off; the inventory is still substantially below the peak of June 2006.
The Encinitas real estate market seems to be fairly stable, as compared to county-wide sales, and the number of transactions based on the MLS is on par with the number of sales at the same time last year (435 homes have sold YTD in 2007 compared to 432 for 2006).
Interestingly, the current Encinitas housing market contrasts with the overall data for San Diego County - total sales are lagging by 15% as compared to September of 2007 (the same as for August). Encinitas's desirability as a coastal town, with fabulous beaches and award-winning schools, certainly plays a role in this trend.
If you would like more information about Encinitas real estate or other local areas, please let me know (text or call me direct at 760-840-1360 or email me at JDowler@remax.net). The better educated you are about today's market, the better off you will be as a consumer when making a decision to buy or sell your Encinitas home.
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