What’s my Encinitas Home Worth?
Encinitas Market Report for January 2018
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 January 2018 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 are entered into the MLS system or change over time.
In January there were 30 homes sold in Encinitas, down 37% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
30 (down 37%), 48 Days on Market, Ave. Sales Price $1,070,383 (up 3%), Ave. sale 96% of asking price
Detached Homes Sold
18 (down 42%), 48 Days on Market, Ave. Sales Price $1,299,722 (up 3%), Ave. sale 95% of asking price
Attached Homes Sold
12 (down 29%), 49 Days on Market, Ave. Sales Price $727,375 (up 13%), Ave. sale 96% of asking price
Sales volume of Encinitas home sales dropped in January overall from last month. Detached home sales were lower than in January 2017 (31, down 42%); but more attached homes sold in 2018 than in January of 2017 (8, up 50%).
Average sales prices increased modestly for single family detached homes, and for attached homes, compared to last month. Compared to January 2017 average prices were down by 4% for detached homes, but about the same for attached homes.
Average days on market increased for both detached homes and attached homes, compared to December.
The median sales price for detached single family homes was $1,180,000 (up 8%) and $617,250 (up 17%) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 4% off the asking price based on recent sales, but 30% of the homes sold for asking price or better. 30% of the transactions were for cash (versus 35% in December).
There were no homes with a Contingent status at the end of December, compared to 1 last month (i.e., typically these are short sale and foreclosure homes having offers that are being considered by the lenders). Contingent homes are considered Active and are included in the overall statistics, but the fact is some are no longer available to be shown because of multiple offers and some may not be accepting more offers either.
For January 2018 the Encinitas real estate inventory increased to 52, up 13% from last month! This represents an inventory of less than 1 month for attached homes, the same as last month and the month before, and 2 months for detached homes at the current rate of sales, up from 1.5 months last month (over a 3-month sales period). The Encinitas real estate market remains very competitive for buyers, and is a very strong seller’s market, especially for buyers of attached homes.
75 Encinitas homes came on the market in January, a huge increase in new listings from last month; similarly, the number of homes going pending in January (excluding homes that actually sold in January), more than doubled, to 51, 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.