What’s the Value of my Encinitas Home?
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for October 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 at the time this was written, but are not guaranteed due to how data may be entered into the MLS system.
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In October 2016, there were 53 homes sold in Encinitas, up 6% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
53 (up 6%), 29 Days on Market, Ave. Sales Price $1,300,348 (up 20%), Ave. sale 96% of asking price
Detached Homes Sold
41 (up 8%), 27 Days on Market, Ave. Sales Price $1,515,692 (up 24%), Ave. sale 96% of asking price
Attached Homes Sold
12 (no change), 35 Days on Market, Ave. Sales Price $564,591 (up 10%), Ave. sale 96% of asking price
Sales volume of Encinitas home sales rose modestly in October overall with more detached homes sold but with no shift in attached home sales volume. Attached home sales were down 14% from October 2015; detached home sales rose by 37%
Average sales prices increased substantially for single family detached homes (in part due to the sale of 6 homes over $2M, 1 of them, an oceanfront beauty, at $11M) but declined for attached. Compared to October 2015 average prices declined 23% for attached homes but rose by 31% for detached
Average days on market decreased modestly for detached but increased for attached homes
The median sales price for detached single family homes was $1,250,000 (up 8% from last month) and $545,000 (up 14%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 4% off the asking price based on recent sales, but 19% of the homes sold for asking price or better. 30% of the transactions were for cash (compared to 22% in September).
There were 2 homes with a Contingent status at the end of October, versus 3 last month (i.e., short sale and foreclosure homes having offers that are being considered by the lenders; 2% 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 not be accepting more offers either.
For October 2016 the Encinitas real estate inventory dropped modestly, from 143 in September to 133 (down 7%). This represents an inventory of 1 month for attached homes, down from 1.1 months last month, and 2.6 months for detached homes at the current rate of sales, down from 2.7 months 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.
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68 Encinitas homes came on the market in October, a decrease by 24% from September; the number of homes going pending in October (excluding homes that actually sold in October) also decreased from last month to 51, down by 20%.
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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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in September 2016
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