Q1 2017 Market Report for Encinitas CA

Q1 2017 Market Report for Encinitas CA

Here is an update on the Encinitas housing market for the first quarter for 2017, with a focus on single family detached homes for sale.

The coastal community of Encinitas offers a broad mix of single family detached homes, from bungalows in the Leucadia area (at the north end, along the ocean), to multi-million dollar ocean-front and ocean-view homes along the bluff on Neptune Avenue, to golf course frontage homes in Encinitas Ranch, to expansive homes and equestrian properties on large lots in Olivenhain. There are also a few communities of new construction homes that are still building!

Check out the Encinitas Lifestyle in this slideshow!

Here’s what happened in the Encinitas real estate market as far as single family detached home activity.

Q1 2017 HOUSING MARKET STATISTICS:

• 85 detached single family homes sold, 1 more than the same period in 2016

• Average sales price was $1,342,980, an increase of 7% over 2016 (median sales price was about the same, at $1,100,000)

• The average marketing time was 43 days, up from 38 days in 2016

• Prices for detached single family homes sold in the first quarter of 2017 ranged from $635,000 to $5,500,000 for an income producing equestrian center in Olivenhain

22 (27%) of the homes sold for cash. Buyer were able to negotiate sales prices, with homes selling on average for 94% of asking price, however 26 homes (31%) sold at or above the list price.

CURRENT ACTIVITY AND PENDING SALES (as of May 1, 2017)

• There are 97 single family detached homes on the market

• Prices range from $720,100 to $13,888,000 for a custom-built ocean-front home (the home next door, also custom, is for sale at $12,500,000), with an average asking price of $2,468,233 (only 7 homes are priced under $1M).

• Homes have been on the market an average of 47 days.

• 51 single family homes are pending right now with original pricing from $739,900 to $5,500,000

• Pending homes have been on the market an average of 36 days.

The Encinitas single family detached home market continues to favor sellers. With the rate of sales since the beginning of the year and current listings, there is about 3.4 months of inventory available. Buyers should expect some multiple offers, especially in the lower price ranges. However, if you are looking for a home under $1M there is less than 1 month of inventory available.

Here’s what happened in the Encinitas housing market for March 2017.

If you would like more information about the Encinitas housing market in general, or regarding specific neighborhoods (Olivenhain, Leucadia, Encinitas Ranch), and would like to discuss your housing wants, needs and budget, let’s set a time to talk so we can plan a strategy to get you into a new Encinitas home in 2017!

Call me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com and we’ll find a convenient time to meet.