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 December 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.
In December 2016, there were 54 homes sold in Encinitas, down 10% from last month, following 2 months of increases. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
54 (down 10%), 45 Days on Market, Ave. Sales Price $1,115,444 (down 9%), Ave. sale 93% of asking price
Detached Homes Sold
40 (down 11%), 49 Days on Market, Ave. Sales Price $1,255,078 (down 14%), Ave. sale 92% of asking price
Attached Homes Sold
14 (down 7%), 34 Days on Market, Ave. Sales Price $716,492 (up 25%), Ave. sale 97% of asking price
Sales volume of Encinitas home sales declined in December overall with fewer detached and attached homes. Attached home sales were down 22% from December 2015; detached home sales rose by 38%
Average sales prices decreased for single family detached homes (in part due to the sale of 4 homes over $3M in November) but rose for attached. Compared to December 2015 average prices rose by 11% for attached homes and by 9% for detached single family homes.
Average days on market decreased slightly for detached but increased for attached homes
The median sales price for detached single family homes was $1,250,000 (about the same as last month) and $545,500 (up 4%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 3 - 8% off the asking price based on recent sales, but 22% of the homes sold for asking price or better. 24% of the transactions were for cash (compared to 18% in November).
There was 1 home with a Contingent status at the end of December, the same as last month (i.e., short sale and foreclosure homes having offers that are being considered by the lenders; 1% 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 December 2016 the Encinitas real estate inventory dropped significantly, a pattern we saw in some other communities, from 112 in November to 78 (down 30%). This represents an inventory of 1 month for attached homes, the same as last month, and 1.5 months for detached homes at the current rate of sales, down from 2.2 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.
30 Encinitas homes came on the market in December, a decrease by 33% from November; the number of homes going pending in December (excluding homes that actually sold in December) also decreased from last month to 33, 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.