What’s the Value of my Encinitas Home?
Encinitas Housing Market Report for May 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 May 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.
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In May 72 homes sold in Encinitas, up by 80% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
72 (up 80%), 22 Days on Market, Ave. Sales Price $1,230,982 (no change), Ave. sale 97% of asking price
Detached Homes Sold
47 (up 88%), 23 Days on Market, Ave. Sales Price $1,485,507 (up 2%), Ave. sale 97% of asking price
Attached Homes Sold
25 (up 67%), 18 Days on Market, Ave. Sales Price $803,236 (down 5%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales rose substantially in May overall from last month, and for both detached and attached home sales. Detached home sales were down 13% from May 2017 but up by 32% for attached homes.
Average sales prices increased for single family detached homes, but but declined modestly for attached homes, compared to last month. Compared to May 2017 average prices were up by 11% for detached homes, and were 24% higher for attached homes.
Average days on market decreased for detached homes but increased slightly for attached homes, compared to last month.
The median sales price for detached single family homes was $1,280,000 (up 2%) and $731,500 (down 2%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 – 3% less than asking price for their homes; however, 44% paid asking price or better. 35% of the transactions were for cash (versus 25% in March).
There were 2 homes with a Contingent status at the end of May, compared to none in April (i.e., typically these are short sale and foreclosure homes with 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 May 2018 the Encinitas real estate inventory increased to 104, up 2% from last month, the 5th inventory increase in 2018 and more good news for Encinitas buyers! This represents an inventory of about 30 days for attached homes, down from 1.4 months last month, and 2.4 months for detached homes at the current rate of sales, down from 2.7 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.
88 Encinitas homes came on the market in May, compared to 77 new listings last month (up 14%); the number of homes going pending in May (excluding homes that actually sold in May), remained the same at 51.
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 share 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.
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READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in April 2018
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