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Encinitas Real Estate Market Report for January 2019
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 January 2019 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 January 31 homes sold in Encinitas, a decrease in sales by 26% from last month, another drop. Here’s the breakdown of overall activity.
Detached Homes Sold
20 (down 39%), 49 Days on Market, Ave. Sales Price $1,464,453 (down 21%), Ave. sale 92% of asking price
Attached Homes (condos, town homes twin homes) Sold
11 (up 22%), 46 Days on Market, Ave. Sales Price $814,268 (down 25%), Ave. sale 95% of asking price
Sales volume of Encinitas home sales dropped overall in January from last month; detached home sales dropped dramatically but there was a modest increase in attached sales. Detached home sales were up 22% from January 2018 but down by 1 sale (9%) for attached homes.
Average sales prices dropped 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 last month that has raised the average), as well as for attached homes. Compared to the January 2018 average prices were up by 13% for detached homes, and 12% 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 $1,464,453 (up 2%) and $745,000 (up 5%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 5 - 8% less than asking price for their homes; however, 16% paid asking price or better. 16% of the transactions were for cash (versus 24% in December).
There were 3 homes with a Contingent status at the end of January, compared to 1 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. All 3 homes are first right of refusals due to contingent offers.
For January 2019 the Encinitas real estate inventory increased by 24% to 104 (also well above the January 2018 inventory) following last month’s decrease from November. This represents an inventory of 2.3 months for attached homes, up from 1.5 months last month, and 2.6 months for detached homes at the current rate of sales, up from 1.9 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
72 Encinitas homes came on the market in January, compared to only 22 new listings last month which is good news for buyers; in contrast, the number of homes going pending in January (excluding homes that actually closed in January) dropped to 30 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.