What’s the Value of my Encinitas Home?
Encinitas Market Report for April 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 April 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 April 40 homes sold in Encinitas, down by 17% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
40 (down 17%), 35 Days on Market, Ave. Sales Price $1,228,843 (up 2%), Ave. sale 97% of asking price
Detached Homes Sold
25 (down 32%), 46 Days on Market, Ave. Sales Price $1,458,600 (up 8%), Ave. sale 96% of asking price
Attached Homes Sold
15 (up 36%), 10 Days on Market, Ave. Sales Price $845,915 (up 31%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales dropped in April overall from last month, but with fewer detached sales and more attached home sales. Detached home sales were down 37% from April 2017 and down by 21% for attached homes.
Average sales prices increased for single family detached homes, but fairly significantly for attached homes, compared to last month. Compared to April 2017 average prices were up by 2% for detached homes, and were 25% higher for attached homes.
Average days on market increased for both detached homes and attached homes, compared to last month.
The median sales price for detached single family homes was $1,255,000 (up 10%) and $750,000 (up 10%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 – 4% less than asking price for their homes; however, 43% paid asking price or better. 25% of the transactions were for cash (versus 19% in March).
There were no homes with a Contingent status at the end of April, the same as in March (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 April 2018 the Encinitas real estate inventory increased to 102, up 28% from last month, the 4th inventory increase in 2018 and more good news for Encinitas buyers! This represents an inventory of 1.4 months for attached homes, unchanged from last month, and 2.7 months for detached homes at the current rate of sales, up from 2.2 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.
77 Encinitas homes came on the market in April, compared to 68 new listings last month (up 15%); on contrast, the number of homes going pending in April (excluding homes that actually sold in April), decreased from 51 to 44 (down 12%).
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.