What’s the Value of my Encinitas Home?
Encinitas Market Report for February 2018
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for February 2018 based on data 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.
In February 40 homes sold in Encinitas, up by 33% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
40 (up 33%), 23 Days on Market, Ave. Sales Price $1,186,550 (up 11%), Ave. sale 99% of asking price
Detached Homes Sold
31 (up 72%), 26 Days on Market, Ave. Sales Price $1,329,398 (up 2%), Ave. sale 99% of asking price
Attached Homes Sold
9 (down 25%), 11 Days on Market, Ave. Sales Price $694,516 (down 5%), Ave. sale 99% of asking price
Sales volume of Encinitas home sales rose substantially in February overall from last month, with significantly more detached home sales but fewer attached. Compared to February 2017 detached home sales were up 55%; 1 less attached home sold in February 2018 than in 2017 (down 10%).
Average sales prices increased slightly for single family detached homes, but dropped modestly for attached homes, compared to last month. Compared to February 2017 average prices were down by 7% for detached homes, but were 11% higher for attached homes.
Average days on market decreased for both detached homes and attached homes, compared to last month.
The median sales price for detached single family homes was $1,207,000 (up 2%) and $620,000 (no change) for attached properties.
Buyers in the Encinitas real estate market were able, on average, to negotiate 1% off the asking price based on recent sales, but 48% of the homes sold for asking price or better. 23% of the transactions were for cash (versus 30% in January).
There were no homes with a Contingent status at the end of February, 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 some are no longer available to be shown or may not be accepting offers.
For February 2018 the Encinitas real estate inventory increased to 73, up 40% from last month, the second inventory increase in 2018 and good news for Encinitas buyers! This represents an inventory of 1.3 months for attached homes, up from less than a month last month, and 2.1 months for detached homes at the current rate of sales, up from 2 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market, especially for buyers of attached homes.
59 Encinitas homes came on the market in February, compared to 75 new listings last month; similarly, the number of homes going pending in February (excluding homes that actually sold in February), dropped from 51 last month to 39.
I can provide more details about real estate in Encinitas with regard to current activity, as well as in specific communities including Encinitas Ranch, Leucadia, and Olivenhain.
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.