What’s the Value of my Encinitas Home?
Encinitas Market Report for July 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 July 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 July 50 homes sold in Encinitas, up 14% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
57 (up 14%), 31 Days on Market, Ave. Sales Price $1,308,890 (down 10%), Ave. sale 98% of asking price
Detached Homes Sold
47 (up 34%), 34 Days on Market, Ave. Sales Price $1,399,377 (down 19%), Ave. sale 97% of asking price
Attached Homes (condos, town homes, twin homes) Sold
10 (down 33%), 17 Days on Market, Ave. Sales Price $883,600 (up 7%), Ave. sale 102% of asking price
Sales volume of Encinitas home sales rose in July overall from last month; however, while detached sales were up, attached home sales declined. Detached home sales were up by 31% from July 2017 but down by 44% for attached homes.
Average sales prices decreased for single family detached homes (in large part due to the sale of 3 homes over $3M with 1 at almost $6M last month that raised the average), but increased for attached homes. Compared to the July 2017 average prices were down by 16% for detached homes (in part due to the sale of an oceanfront home last July for almost $8M that raised that average), but 48% higher for attached homes (likely due to the sale of 2 properties over $1.4M that raised the average for July 2018).
Average days on market increased just by 1 day for both detached homes and attached homes, compared to last month.
The median sales price for detached single family homes was $1,240,000 (no change) and $645,500 (down 3%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 – 3% less than asking price for their homes; however, 46% paid asking price or better. 26% of the transactions were for cash (versus 46% in June).
There were no homes with a Contingent status at the end of July, compared to 3 in June (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 July 2018 the Encinitas real estate inventory increased slightly, by 2, to 121, up 2% from last month, and the 7th inventory increase this year…more good news for Encinitas buyers! This represents an inventory of 1.6 months for attached homes, up from 1.1 months last month, and 2.1 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 strong seller’s market, especially for buyers of attached homes.
74 Encinitas homes came on the market in July, compared to 68 new listings last month (up 9%); the number of homes going pending in July (excluding homes that actually sold in July), was the same, at 46, as in June.
I am happy to provide more details about the real estate market in Encinitas with regard to current and past activity, as well as in specific communities such as 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.