What’s the Value of my Encinitas Home?
Encinitas Home Sales in October 2017?
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 2017 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 are entered into the MLS system or may change over time.
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In October 2017, there were 46 homes sold in Encinitas, about the same as last month (down by 1). Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
46 (down 2%), 26 Days on Market, Ave. Sales Price $1,143,878 (up 18%), Ave. sale 97% of asking price
Detached Homes Sold
30 (down 12%), 32 Days on Market, Ave. Sales Price $1,388,246 (up 25%), Ave. sale 97% of asking price
Attached Homes Sold
16 (up 23%), 15 Days on Market, Ave. Sales Price $685,687 (down 9%), Ave. sale 96% of asking price
Sales volume of Encinitas home sales dropped just slightly in October with fewer detached home sales but more attached home sales than last month. Detached home sales were lower than in October 2016 (45, down 50%); but more attached homes sold in 2017 than in October of 2016 (14, up 14%).
Average sales prices increased for single family detached homes but were lower for attached homes compared to last month. Compared to October 2016 average prices were down by 6% for detached homes (but 1 home sold in October 2016 for over $11M, raising the average), but rose by 22% for attached homes.
Average days on market increased for detached homes, but declined slightly for attached homes, compared to September.
The median sales price for detached single family homes was $1,297,500 (up 26%) and $682,500 (up 14%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 1 - 3% off the asking price based on recent sales, but 30% of the homes sold for asking price or better. 15% of the transactions were for cash (versus 13% in September).
There were 4 homes with a Contingent status at the end of October, compared to 2 last month (i.e., typically these are short sale and foreclosure homes having offers that are being considered by the lenders; 4% of the total inventory). Contingent homes are considered Active and are included in the overall statistics, but the fact is some are no longer available to be shown because of multiple offers and some may not be accepting more offers either.
For October 2017 the Encinitas real estate inventory rose from 93 in September to 99 (up 6%). This represents an inventory of 1 month for attached homes, down from 1.4 months in September, and 1.9 months for detached homes at the current rate of sales, up from 1.5 months last month (over a 6-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a very strong seller’s market.
57 Encinitas homes came on the market in October, just 1 less new listing than last month; the number of homes going pending in October (excluding homes that actually sold in October), also decreased to 34 (down 23%), from last month.
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 in general or in specific neighborhoods, or assist you in selling your Encinitas home or buying a new property, please contact me at (760) 840-1360 or at JeffDowlerSolutions@gmail.com so we can sit down and plan the appropriate strategy to help you accomplish your goals.
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