What’s the Value of my Encinitas Home?
Encinitas Market Update for December 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 December 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 December 42 homes sold in Encinitas, a decrease in sales by 14% from last month, not surprising given the holidays. Here’s the breakdown of overall activity.
Detached Homes Sold
33 (no change), 37 Days on Market, Ave. Sales Price $1,852,739 (up 23%), Ave. sale 94% of asking price
Attached Homes (town homes, condos, twin homes) Sold
9 (down 44%), 35 Days on Market, Ave. Sales Price $1,079,055 (up 6%), Ave. sale 98% of asking price
Sales volume of Encinitas home sales dropped overall in December from last month, all due to a decline in attached home sales; detached sales did not change. Detached home sales were the same as in December 2017 but were down by 50% for attached homes.
Average sales prices rose substantially for single family detached homes (in large part due to the sale of 2 high-end homes, 1 at $7M and 1 at $9.75M), and more modestly for attached homes. Compared to the December 2017 average prices were up by 49% for detached homes, and 70% higher for attached homes (as a result of the high end attached homes sold in December of 2018, with 2 at more than $2M).
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 $1,375,000 (up 18%) and $710,000 (up 3%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 2 - 6% less than asking price for their homes; however, 24% paid asking price or better. 24% of the transactions were for cash (versus 35% in November).
There was 1 home with a Contingent status at the end of December, compared to 3 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 due to contingent offers). 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 more offers. This contingent home is a first right of refusal.
For December 2018 the Encinitas real estate inventory decreased by 28% to 84 (but well above the December 2017 inventory) following last month’s increase, a trend we have seen in other communities for December! This represents an inventory of 1.5 months for attached homes, down from 1.9 months last month, and 1.9 months for detached homes at the current rate of sales, down from 2.6 months last month (over a 3-month sales period). The Encinitas real estate market is a very strong seller’s market, especially for buyers of attached homes.
Only 22 Encinitas homes came on the market in December, compared to 55 new listings last month (down 60%), a decline not surprising during the holidays; the number of homes going pending in December (excluding homes that actually sold in December - there were only 5) also dropped substantially 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 so we can sit down and plan the appropriate strategy to help you accomplish your goals in 2019.