What’s the Value of my Encinitas Home?
Encinitas Market Report for September 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 September 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 September 51 homes sold in Encinitas, an increase in sales by 11% from last. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
51 (up 11%), 32 Days on Market, Ave. Sales Price $1,299,949 (up 6%), Ave. sale 96% of asking price
Detached Homes Sold
36 (up 3%), 30 Days on Market, Ave. Sales Price $1,540,583 (up 12%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
15 (up 36%), 35 Days on Market, Ave. Sales Price $722,426 (down 4%), Ave. sale 94% of asking price
Sales volume of Encinitas home sales rose fairly significantly in September from last month especially for attached home sales. Detached home sales were up by 6% from September 2017 and by 15% for attached homes.
Average sales prices rose for single family detached homes, but declined for attached homes. Compared to the September 2017 average prices were up by 39% for detached homes (in part due to the sale of 6 homes over $2M that raised the average), and 19% higher for attached homes.
Average days on market decreased for detached homes but went up for attached homes as compared to last month.
The median sales price for detached single family homes was $1,332,500 (up 3%) and $655,000 (up 2%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3 - 6% less than asking price for their homes; however, 37% paid asking price or better. 29% of the transactions were for cash (versus 9% in August).
There were no homes with a Contingent status at the end of September, the same as the last 2 months (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 September 2018 the Encinitas real estate inventory remained steady at 128…more good news for Encinitas buyers and more than double the inventory at the beginning of 2018! This represents an inventory of 2.2 months for attached homes, down from 2.3 months last month, and 2.5 months for detached homes at the current rate of sales, the same as 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.
79 Encinitas homes came on the market in September, compared to 85 new listings last month (down 7%); the number of homes going pending in September (excluding homes that actually sold in September), also decreased from 51 in August to 49 in September.
I am happy to share 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 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.