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Encinitas Market Report for October 2020
Buyers and sellers in the Encinitas real estate market must understand local market conditions, and the impact they have on buying and selling, in order to make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for October 2020 based on data 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.
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71 homes sold in Encinitas in October, 14% fewer than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
55 (down 7%); Average Sales Price $1,922,502 (up 13%), Average sale was 97% of the original asking price
Condos, Townhomes & Duplexes Sold
16 (down 33%), 26 Days on Market, Average Sales Price $1,008,753 (up 46%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales declined from last month; this was due to a drop in sales for single family homes as well as condos, townhomes and duplexes. Looking back 1 year, we see there were 85% more single family home sales than in October 2019, and twice as many condos, townhomes and duplexes sold in 2020.
The average sales price for condos, townhomes and duplexes increased by 46% compared to last month (due, in part, to the sale of 3 properties for over $2M that raised the average), and was 13% higher for single family homes (9 homes sold for over $3M).
Looking back to October 2019, the average sales price was 13% higher for the single family homes that sold in 2020; the average sales price for condos, townhomes and duplexes was 22% higher than 1 year ago.
The average time on the market was shorter for condos, townhomes and duplexes, compared to September.
The median sales price for detached single family homes was $1,600,000 (down 3%) and $725,250 (up 7%) for condos, townhomes and duplexes.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 3% off the original asking price for their homes; however, 39% of the buyers paid asking price or better for their new homes, the same as last month and a good indication of competition.
There were 6 homes with an Active Under Contract status at the end of October, compared to 3 last month.
The Encinitas real estate inventory shifted down in October, with 71 homes for sale (down 16%), with prices ranging from $459,000 to $9,450,000. This represents an inventory of just slightly less than 1 month for condos, townhomes and duplexes, down from 1.2 months last month, and just shy of a month for single family homes at the current rate of sales, down from 1.1 months last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, becoming even more competitive in October.
80 Encinitas homes came on the market in October, a significant increase in new listings by 19%; the number of homes going pending in October (excluding homes that actually closed in October) remained about the same at 73 pendings (versus 74 last month), so it was a fairly busy October for both buyers and sellers!
I am happy to share more details about real estate in Encinitas with regard to current and past activity, as well as in specific communities including Encinitas Ranch, Leucadia, and Olivenhain or particular neighborhoods that are of interest.
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 so we can discuss an appropriate strategy to help you accomplish your goals.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in September 2020
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