What’s the Value of my Encinitas Home Worth?
Encinitas Market Report for October 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 October 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 October 46 homes sold in Encinitas, a decrease in sales by 10% from last month. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
46 (down 10%), 41 Days on Market, Ave. Sales Price $1,267,236 (down 3%), Ave. sale 94% of asking price
Detached Homes Sold
26 (down 28%), 51 Days on Market, Ave. Sales Price $1,747,650 (up 13%), Ave. sale 91% of asking price
Attached Homes (condos, town homes, twin homes) Sold
20 (up 33%), 28 Days on Market, Ave. Sales Price $642,700 (down 11%), Ave. sale 97% of asking price
Sales volume of Encinitas home sales dropped in October from last month for detached home sales but increased for attached. Detached home sales were down by 19% from October 2017 but up by 25% for attached homes.
Average sales prices rose for single family detached homes, but declined for attached homes. Compared to the October 2017 average prices were up by 23% for detached home, but 6% lower 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 $1,332,500 (up 3%) and $655,000 (up 2%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3 - 9% less than asking price for their homes; however, 13% paid asking price or better. 33% of the transactions were for cash (versus 29% in September).
There were no homes with a Contingent status at the end of October, the same as the last 3 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 October 2018 the Encinitas real estate inventory increased slightly by 2% to 130…more good news for Encinitas buyers! This represents an inventory of 1.6 months for attached homes, down from 2.2 months last month, and 3.2 months for detached homes at the current rate of sales, up from 2.5 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.
75 Encinitas homes came on the market in October, compared to 79 new listings last month (down 5%); the number of homes going pending in October (excluding homes that actually sold in October) remained the same (49) as 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.
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READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in September 2018
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