As a buyer or seller in the Encinitas real estate market, it is important to have data about the market conditions in order to make a more informed decision about what to do with regard to buying or selling your Encinitas home.
Because the media reports report data on a regional basis, what you see may not at all represent the reality of the local market, so having data from a knowledgeable agent about Encinitas market conditions benefits you as the buyer or seller.
Here is a summary of the Encinitas real estate market for June 2008 based on statistics from the MLS (private sales are not included).
In June 2008 there were 43 homes sold in Encinitas. Here’s the breakdown of overall activity.
- TOTAL HOMES 42 (Detached - 30; Attached - 12)
- Size Range 924 SF – 5612 SF (Detached: 924 SF – 5612 SF; Attacehd: 939 SF – 2202 SF)
- Price Range $269,900K - $2.375 Million (Detached: $529K - $2.375 Million; Attached $269,900K - $1.675 Million)
- Days on Market 39 (Detached = 39; Attached = 40)
- Average $/SF $403/SF (Detached = $408/SF; Attached = $394/SF)
- Average Sales Price $881,305 (Detached = $984,860; Attached = $622,417)
- Median Sales Price $694,500 (Detached = $837,500; Attached = $536,500)
- Average Sale$/List $ 94% (Detached = 94%; Attached = 94%)
The data show that the number of sales was essentially the same for June and July, however the median and average prices all increased – the median for detached homes went up 20% (average price increased 15%); the median for attached homes increased over 70% (average price went up over 50%, but keep in mind this is a very small sample of only 5 homes).
At the end of July 2008 there were 314 Encinitas homes for sale (238 detached, excluding mobile/manufactured homes, and 76 attached homes), 9% more than the inventory for June of 2007 (but 23% below the high level in 2006). This represents an inventory of 8.6 months for attached homes and 7.7 months for detached homes at the current rate of sales (based on a 6-month period).
The median sales price for detached homes is 3% lower than it was a year ago, with an increase of 16% for attached homes. Average prices are lower for detached homes, but higher for attached homes oin the last year.
Keep in mind these data are based on information provided by the MLS for homes that went under contract in the last couple of months. More details about the Encinitas real estate market can be provided with regard to current activity as well as within specific areas such as Encinitas Ranch and Olivenhain. Watching the trends over time, as opposed to focusing on the data for one particular month, are more revealing and informative. The market conditions for August (reported in early September) will give us a good feel for the summer activity in Encinitas.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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