What’s the Value of my Encinitas Home?
As a buyer or seller in the Encinitas real estate market, it’s important to understand 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 May 2016 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 May 2016, there were 59 homes sold in Encinitas, 7% more than in April, another bump in sales. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
59 (up 7%), 33 Days on Market, Ave. Sales Price $1,261,812 (up 29%), Ave. sale 97% of asking price
Detached Homes Sold
47 (up 27%), 37 Days on Market, Ave. Sales Price $1,391,008 (up 22%), Ave. sale 97% of asking price
Attached Homes Sold
12 (down 50%), 17 Days on Market, Ave. Sales Price $755,791 (up 19%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales rose modestly overall in May, following the prior month of increased sales
Average sales prices increased for both single family detached homes (in large part due to the sale of 5 detached homes over $2M with 1 at $3.7M) as well as attached
Average days on market remained about the same
The median sales price for detached single family homes was $1,316,000 (up 47% from last month) and $517,500 (down 5%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 2 - 3% off the asking price based on recent sales, but 37% of the homes sold for asking price or better. 20% of the transactions were for cash (compared to 27% in April).
There were no homes with a Contingent status at the end of May, versus 1 last month (i.e., short sale and foreclosure homes having offers that are being considered by the lenders; 6% of the total inventory). Contingent 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 some may be accepting more offers either.
For May 2016 the Encinitas real estate inventory increased, from 132 in April to 141 (up 7%), another increase. This represents an inventory of 1.6 months for attached homes, down from 1.7 months last month, and 3.6 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, in particular for buyers of attached homes/condos.
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How Important is Inventory when Buying or Selling? Very!!
100 Encinitas homes came on the market in May, an increase by 10% from April; the number of homes going pending in May (excluding homes that actually sold in May) also increased from last month to 70, up by 25%.
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 trends over time, rather than focusing on data for one particular month, is 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, answer any questions about the market conditions, or assist you in an Encinitas sale or purchase, please contact me at (760) 840-1360 or at JeffDowlerSolutions@gmail.com.
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