What’s the Value of my Encinitas Home?
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about what to do with regard to Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for April 2017 based on statistics 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 due to how data may be entered into the MLS system.
In April 2017, there were 59 homes sold in Encinitas, up 28% from last month, the second month of increased sales following 3 months of inventory decline. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
59 (up 28%), 24 Days on Market, Ave. Sales Price $1,185,453 (up 7%), Ave. sale 98% of asking price
Detached Homes Sold
40 (up 21%), 26 Days on Market, Ave. Sales Price $1,426,087 (up 10%), Ave. sale 98% of asking price
Attached Homes Sold
19 (up 46%), 20 Days on Market, Ave. Sales Price $648,855 (up 5%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales increased significantly in April for both detached and attached homes compared to March. Both attached home and detached home sales were the same as in April 2016.
Average sales prices increased for both single family detached and attached homes. Compared to April 2016 average prices rose by 23% for detached homes and by 8% for attached homes.
Average days on market decreased modestly for both detached and attached homes
The median sales price for detached single family homes was $1,299,950 (up 27% from last month) and $610,000 (down 1%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 2% off the asking price based on recent sales, but 42% of the homes sold for asking price or better. 15% of the transactions were for cash (versus 22% in March).
There were 5 homes with a Contingent status at the end of April, the same as for last month (i.e., short sale and foreclosure homes having offers that are being considered by the lenders; 5% 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 some may not be accepting more offers either.
For April 2017 the Encinitas real estate inventory rose again from 102 in March to 124 (up 22%), more good news for buyers. This represents an inventory of 1.6 months for attached homes, up from 1.3 months in March, and 2.8 months for detached homes at the current rate of sales, up from 2.3 months 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.
80 Encinitas homes came on the market in April, an 11% decrease in new listings over March; in contrast the number of homes going pending in April (excluding homes that actually sold in April) increased slightly, by 1, to 60 (up 2%) from last month.
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, 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 or at JeffDowlerSolutions@gmail.com so we can sit down and plan the appropriate strategy to help you accomplish your goals.