Encinitas, CA Market Report
If you are new to reading my Market Report, I would like to take a moment to explain the data you are reading. The listing information comes directly from the MLS and reflects a 7 day history. It is important to watch the trend of new listing vs sold, this can often give indications if inventory is tight or in surplus. In turn that can help determine if it is a seller's or buyer's market. I also provide average listing prices, days on market and price per square foot. This is again for purposes of tracking the overall market for this one community. As always, each property is unique, and no matter if it is a seller's or a buyer's market, if you have found the right property, always use the comparative analysis your Real Estate agent can provide to determine the proper market value of the property, and then factor in your motivation for the property.
My opinions stated below are from my own research each week from market trend data that I receive from various sources. If you have any questions or comments regarding my opinion, please contact me for further information or clarification.
The following is the weekly activity for Encinitas:
- 9 new* listings were placed on the MLS
- 7 listings went into escrow and were listed as pending.
- 11 listings closed escrow and were sold.
- 14 listings cancelled, withdrew or expired
(*new listing refers a property that has not been on the market in the last 6 months)
This week's Market Action Index
The Market Action Index trended much higher again this week. in fact, for the first time in several weeks, the Market Action Index moved into the Seller's zone. This continues to be a classic case of a lightening of inventory. Fewer houses to choose from, the houses that have been on the market are selling. The sharp trend into the Seller zone is not surprising, this market's lack of inventory will continue to keep this trend. I will say that if you are a buyer looking to purchase, this is probably a great time to buy, especially as this trend continues upward.
Real Time Market Profile
Although the average list price has dropped dramatically this week, the Days on Market drop and Market Action Index jump indicate a shift in the market. The days on market decreased, which is not typical for this time, which is an indication that the tightening of inventory is effecting this market. the decrease of price and square footage will most likely stabilize and begin to increase again.
Your Market Data
If you liked the report above and are interested in a neighborhood or zip code that I have not covered, contact me, I will be happy to assist you with that information.