Encinitas Homes for Sale
What Happened in the Encinitas Real Estate Market in September 2014?
As a buyer or seller in the Encinitas real estate market, you need to understand the local market conditions so you can make a more informed decision about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for September 2014 based on statistics from the MLS (private sales are not included nor are manufactured, mobile or multi-family homes). These data are deemed reliable but are not guaranteed due to how data may be entered into the MLS system.
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In September 2014, there were 48 homes sold in Encinitas, just 2 less than last month (down 4%). Here’s the breakdown of overall activity.
|
|
TOTAL HOMES |
Detached |
Attached |
|
Number |
48 (down 4%) |
36 (up 13%) |
12 (down 33%) |
|
Days on Market |
26 |
27 |
24 |
|
Average Sales Price |
$1,041,304 (up 7%) |
$1,193,350 (up 2%) |
$585,167 (down 7%) |
|
Average Sale $/List $ |
96% |
96% |
97% |
· Sales volume of Encinitas home sales dropped slightly in September with more detached homes sold than in August but fewer attached
· Average sales prices increased for detached homes in 17 homes selling for over $1M, 2 of which sold for more than $3M
· The median sales price for detached single family homes was $925,000 (up 9%) and $487,000 (down 19%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 3 - 4% off the asking price based on recent sales, but some homes sold for asking price or better. 27% of the transactions were for cash (vs. 32% in August).
There were 5 homes with a Contingent status at the end of September (i.e., short sale and foreclosure homes having offers that are being considered by the lenders). These homes are considered Active and are included in the overall statistics, but the fact is that some are no longer available to be shown because of multiple offers and may not be accepting more offers either.
For September 2014 the Encinitas real estate inventory dropped slightly from August to 170 homes (down 2%). This represents an inventory of only 1.8 months for attached homes, down from 1.9 months last month, and 3.4 months for detached homes at the current rate of sales, down from 3.7 last month (over a 6-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a strong seller’s market, especially for buyers of attached homes/condos.
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65 Encinitas homes came on the market in September, 17% fewer new listings than in August; the number of homes going pending in September (excluding homes that actually sold in September), however, increased, from 39 to 44 (up 13%).
These data are based on information provided by the MLS. More details about real estate in Encinitas can be provided with regard to current activity, as well as in specific communities such as Encinitas Ranch, Leucadia and Olivenhain.
Watching the trends over time, as opposed to focusing on the data for one particular month, are more revealing and informative, and will provide a better sense of what is happening in the Encinitas housing market. If I can provide more specific local market information or answer any questions, please let me know.
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