What’s the Value of my Encinitas Home?
Encinitas Market Report for November 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 November 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 November 49 homes sold in Encinitas, an increase in sales by 7% from last month. Here’s the breakdown of overall activity.
Detached Homes Sold
33 (up 27%), 27 Days on Market, Ave. Sales Price $1,509,836 (down 14%), Ave. sale 96% of asking price
Attached Homes (condos, town homes) Sold
16 (down 20%), 23 Days on Market, Ave. Sales Price $1,019,976 (up 59%), Ave. sale 97% of asking price
Sales volume of Encinitas home sales rose modestly overall in November from last month, with a big increase in detached home sales but a decline for attached. Detached home sales were up by 18% from November 2017 but down by 25% for attached homes.
Average sales prices declined for single family detached homes, but increased for attached homes (in large part due to the sale of 3 homes over $1.6M with 1 at $4.3M that raised the average significantly). Compared to the November 2017 average prices were up by 9% for detached homes, but 47% lower for attached homes (again impacted by the high end attached homes sold in November of 2018).
Average days on market decreased for both detached homes and attached homes as compared to last month.
The median sales price for detached single family homes was $1,165,000 (down 13%) and $689,750 (up 5%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3 - 5% less than asking price for their homes; however, 27% paid asking price or better. 35% of the transactions were for cash (versus 33% in September).
There were 3 homes with a Contingent status at the end of November, compared to none last month (i.e., typically these are short sale and foreclosure homes with offers that are being considered by the lenders but some are first right of refusals). 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 November 2018 the Encinitas real estate inventory decreased by 11% to 116 following last month’s increase! This represents an inventory of 1.9 months for attached homes, up from 1.6 months last month, and 2.6 months for detached homes at the current rate of sales, down from 3.2 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.
55 Encinitas homes came on the market in November, compared to 75 new listings last month (down 27%), a drop not surprising at holiday time; the number of homes going pending in November (excluding homes that actually sold in November) also dropped (41) from last month.
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 buying and/or selling goals.