Encinitas is one of the ‘Jewels’ found along the Pacific Coast Highway 101 in San Diego County. Long revered as a place of spiritual discovery with the Encinitas Fellowship Temple and offering the public free access to the peaceful and serene Meditation Gardens found on the cliffs overlooking the glistening Pacific Ocean, and also a surfers’ mecca with the Swami’s Surfers Association located here in Encinitas founded in 1964 to support and improve the beach community and support environmental issues thus sustaining the pristine surfing environment.
The real estate market report for Encinitas shows an incredible appreciation in sales prices for detached homes, while on first look, condo sales prices look flat when compared to November 2013 numbers, but further in depth analysis indicates otherwise. If you note, the price per square foot on condos has increased over the same time period last year which indicates buyers are purchasing smaller condos at list prices near equal to last year and as a result, condo values also increased by 14%.
Here is the proof:
|
|
Config |
Active |
Pending |
Sold |
Mo Inv. |
DOM |
Median Sales Price |
$/SF |
|
|
|
|
|
|
|
|
|
|
|
Nov.2014 |
Detached |
55 |
26 |
16 |
2.4 |
44 |
$1,107,375 |
$563.00 |
|
Nov.2013 |
|
69 |
20 |
16 |
2.9 |
32 |
$757,500 |
$518.00 |
|
Trend |
|
-20% |
30% |
0 |
-17% |
37.50% |
$0 |
8.70% |
|
|
|
|
|
|
|
|
|
|
|
Nov.2014 |
Condo |
27 |
9 |
9 |
2 |
38 |
$502,000 |
$488.00 |
|
Nov.2013 |
|
18 |
9 |
15 |
1.6 |
31 |
$515,000 |
$428.00 |
|
Trend |
|
50% |
0 |
-40% |
25% |
22.50% |
-3% |
14% |
As you can see, the true value of condominiums is increasing, and here, below, is the pricing trend graph showing the Price per Square Foot
Based on this data, my opinion concerning the Encinitas Residential Market is that it is very healthy and if a buyer is only considering a purchase in Encinitas, then when a suitable home is found, any hesitation will prove to be costly.
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