What’s my Encinitas Home Worth?
Encinitas Homes for Sale in August 2015?
As a buyer or seller in the Encinitas real estate market, you need to understand the local market conditions so you can make a more informed decision about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for August 2015 based on statistics from the MLS (private sales are not included nor are manufactured, mobile or multi-family homes). These data are deemed reliable but are not guaranteed due to how data may be entered into the MLS system.
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In August 2015, there were 61 homes sold in Encinitas, down 22% from July, not surprising for the summer. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
61 (down 22%), 45 Days on Market, Ave. Sales Price $1,027,178 (up 2%), Ave. sale 96% of asking price
DETACHED HOMES SOLD
41 (down 23%), 52 Days on Market, Ave. Sales Price $1,269,834 (up 7%), Ave. sale 95% of asking price
ATTACHED HOMES SOLD
20 (down 20%), 30 Days on Market, Ave. Sales Price $529,723 (down 16%), Ave. sale 97% of asking price
Sales volume of Encinitas home sales declined overall in August, not a surprise for the late summertime
Average sales prices increased modestly for detached homes (in part due to the sale of 4 homes over $2M with 1 at $4.55M that raised the average) but declined for attached homes
Days on market increased across the board
The median sales price for detached single family homes was $1,125,000 (up 9% from last month) and $522,500 (down 6%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 3 - 5% off the asking price based on recent sales, but some homes sold for asking price or better. 26% of the transactions were for cash (compared to 22% in July).
There was 1 home with a Contingent status at the end of August (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 August not be accepting more offers either.
For August 2015 the Encinitas real estate inventory increased slightly from the prior month to 135 homes (up 3%). This represents an inventory of only 1.1 months for attached homes, down from 1.3 months last month, and 2.3 months for detached homes at the current rate of sales, down from 2.4 as 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, especially for buyers of attached homes/condos.
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58 Encinitas homes came on the market in August, a decline of 22% from July; the number of homes going pending in August (excluding homes that actually sold in August) also decreased from last month (from 57 to 45, down 21%).
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 or answer any questions, please let me know.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in July 2015
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