What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in February 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 February 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 February 30 homes sold in Encinitas, 1 less than in January. Here’s the breakdown of overall activity.
Detached Homes Sold
24 (up 24%), 29 Days on Market, Ave. Sales Price $1,537,479 (up 5%), Ave. sale 97% of asking price
Attached Homes (condos, town homes) Sold
6 (down 55%), 42 Days on Market, Ave. Sales Price $814,268 (down 25%), Ave. sale 99% of asking price
Sales volume of Encinitas home sales dropped slightly overall in February from last month; detached home sales rose but there was significant drop in attached sales. Detached home sales were down 27% from February 2018 and down by 55% for attached homes.
Average sales prices rose modestly for single family detached homes, but dropped for attached homes. Compared to the February 2018 the average price was higher by 16% for detached homes, but 24% lower for attached homes.
The average marketing time decreased for both detached homes and attached homes compared to last month.
The median sales price for detached single family homes was $1,587,500 (up 8%) and $433,500 (down 42%) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 1 - 3% less than asking price for their homes; however, 30% of the buyers paid asking price or better for their new homes. 20% of the transactions were for cash (versus 16% in January).
There were 3 homes with a Contingent status at the end of February, the same as 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. 2 homes are first right of refusals due to contingent offers; 1 is a court approval.
For February 2019 the Encinitas real estate inventory decreased by 10% to 94 (but still well above the February 2018 inventory) following last month’s increase from December. This represents an inventory of 2 months for attached homes, down from 2.3 months last month, and 3 months for detached homes at the current rate of sales, up from 2.6 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
54 Encinitas homes came on the market in February, compared to 72 new listings last month (down 25%); in contrast the number of homes going pending in February (excluding homes that actually closed in February) rose by 33%, to 40, 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 goals.