What’s the Value of my Encinitas Home?
Encinitas Market Report for August 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 August 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 August 46 homes sold in Encinitas, a significant drop by 19% from last month in contrast to neighboring Carlsbad and Cardiff by the Sea. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
46 (down 19%), 40 Days on Market, Ave. Sales Price $1,224,235 (down 6%), Ave. sale 95% of asking price
Detached Homes Sold
35 (down 26%), 45 Days on Market, Ave. Sales Price $1,372,740 (down 2%), Ave. sale 94% of asking price
Attached Homes (condos, town homes) Sold
11 (up 10%), 25 Days on Market, Ave. Sales Price $751,720 (down 15%), Ave. sale 97% of asking price
Sales volume of Encinitas home sales dropped significantly in August overall from last month; detached sales were way down, but attached home sales rose slightly (by 1 sale). Detached home sales were down by 35% from August 2017 and down by 21% for attached homes.
Average sales prices declined modestly for single family detached, and more substantially for attached homes. Compared to the August 2017 average prices were down by 5% for detached homes, but 3% higher for attached homes.
Average days on market increased for both detached homes and attached homes as compared to last month.
The median sales price for detached single family homes was $1,300,000 (up 5%) and $645,500 (up 9%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3 - 6% less than asking price for their homes; however, 26% paid asking price or better. 9% of the transactions were for cash (versus 26% in July).
There were no homes with a Contingent status at the end of August, the same as last month (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 August 2018 the Encinitas real estate inventory increased modestly to 128, up 6% from last month, and the 8th inventory increase this year…more good news for Encinitas buyers and more than double the inventory at the beginning of 2018! This represents an inventory of 2.3 months for attached homes, up from 1.6 months last month, and 2.5 months for detached homes at the current rate of sales, up from 2.1 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 despite the growth in listings.
85 Encinitas homes came on the market in August, compared to 74 new listings last month (up 15%); the number of homes going pending in August (excluding homes that actually sold in August), also increased from 46 in July to 51 in August.
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.