What’s the Value of my Encinitas Home?
Encinitas Market Report for June 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 June 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 June 50 homes sold in Encinitas, down 31% from last month, a pattern we saw in neighboring Carlsbad. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
50 (down 31%), 28 Days on Market, Ave. Sales Price $1,448,686 (up 18%), Ave. sale 97% of asking price
Detached Homes Sold
35 (down 26%), 33 Days on Market, Ave. Sales Price $1,717,102 (up 16%), Ave. sale 96% of asking price
Attached Homes (condos, town homes) Sold
15 (down 40%), 16 Days on Market, Ave. Sales Price $822,380 (up 2%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales dropped substantially in June overall from last month following a big increase from April to May, especially for attached home sales. Detached home sales were down 22% from June 2017 and by 40% for attached homes.
Average sales prices increased for single family detached homes (in large part due to the sale of 3 homes over $3M with 1 at almost $6M), as well as for attached homes. Compared to June 2017 average prices were up by 13% for detached homes, but were 5% lower for attached homes.
Average days on market increased for detached homes but decreased slightly for attached homes, compared to last month.
The median sales price for detached single family homes was $1,235,000 (down 4%) and $665,000 (down 9%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 – 4% less than asking price for their homes; however, 40% paid asking price or better. 46% of the transactions were for cash (versus 35% in March).
There were 3 homes with a Contingent status at the end of June, compared to 2 in May (i.e., in most cases 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 June 2018 the Encinitas real estate inventory increased to 119, up 14% from last month, and the 6th inventory increase this year and more good news for Encinitas buyers! This represents an inventory of 1.1 months for attached homes, up from 30 days last month, and 2.7 months for detached homes at the current rate of sales, up from 2.4 months last month (over a 3-month sales period). The Encinitas real estate market remains a strong seller’s market, especially for buyers of attached homes.
68 Encinitas homes came on the market in June, compared to 88 new listings last month (down 23%); the number of homes going pending in June (excluding homes that actually sold in June), dropped to 46 from May.
I can provide more details about real estate in Encinitas with regard to current and past 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.