What’s the Value of my Encinitas Home?
Encinitas Market Report for June 2019
Buyers and sellers in the Encinitas real estate market need to understand local market conditions in order to make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for June 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.
48 homes sold in Encinitas in June, a decline in sales, by 31% from May. Here’s the breakdown of overall activity
Detached Homes Sold
33 (down 31%), 24 Days on Market, Average Sales Price $1,485,028 (down 7%), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
15 (down 32%), 33 Days on Market, Average Sales Price $814,133 (down 4%), Average sale was 97% of original asking price
Sales volume of Encinitas home sales dropped in June from last month for both detached and attached home sales. Looking back 1 year, we see that detached home sales were down 13% from June 2018 but the same for attached homes.
The average sales price dropped for single family detached homes compared to last month, as it did for attached homes. Compared to the June 2018 averages prices were higher by 13% for the detached homes that sold compared to this year (but no doubt influenced by the sale of 2 homes sold in June 2018 for over $4M), but only slightly higher (1%) for the attached homes.
The average number of days on market decreased for detached homes, but marketing time was longer for attached homes sales as compared to May.
The median sales price for detached single family homes was $1,470,000 (up 9%) and $690,000 (no change) for attached properties.
Buyers in the Encinitas real estate market, on average, paid 3% less than original asking price for their homes; however, 35% of the buyers paid asking price or better for their new homes. 23% of the transactions were for cash (the same as in May).
There was 1 home with a Contingent status at the end of June, the same as last month – first right of refusal (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 June 2019 the Encinitas real estate inventory increased by 22%, to 134 (well above the June 2018 inventory and more than in January of this year), a big increase following 2 months of inventory decline. This represents an inventory of 1.7 months for attached homes, up from 1.3 months last month, and 2.6 months for detached homes at the current rate of sales, up from 2.1 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market, especially for those interested in attached homes.
84 Encinitas homes came on the market in June, compared to 75 new listings last month (up 12%); in contrast the number of homes going pending in June (excluding homes that actually closed in June) dropped by 8%, to 44, 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 or particular neighborhoods that are of interest.
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.