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Encinitas Market Report November 2019
Buyers and sellers in the Encinitas real estate market must understand local market conditions, and the impact they have on buying and selling, so they can make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for November 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.
49 homes sold in Encinitas in November, a substantial jump from October (up 40%), a contrast to neighboring Cardiff by the Sea and to Carlsbad. Remember, real estate is local!! Here’s the breakdown of overall activity.
Detached Homes Sold
31 (up 11%), 26 Days on Market, Average Sales Price $1,476,133 (down 13%), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
18 (up 157%), 25 Days on Market, Average Sales Price $731,877 (down 1%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales rose significantly overall and for both detached and attached homes, especially the latter. Looking back 1 year, we see that there were 9% fewer detached home sales than in November 2018 but 1 more attached home sale.
The average sales price dropped for single family detached homes and also did so slightly for attached homes compared to last month. Compared to the November 2018 the average price was lower by 6% for the detached homes that sold in 2019, and lower by 27% for the attached homes (no doubt impacted by the sale in 2018 of a 2-unit oceanfront attached home at $4.3M that raised the sales price average substantially).
The average number of days on market decreased by several days for both single family detached homes and attached homes sales compared to October.
The median sales price for detached single family homes was $1,350,000 (down 10%) and $630,000 (down 6%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2 - 3% off the original asking price for their homes; however, 43% of the buyers paid asking price or better for their new homes. 29% of the transactions were for cash (compared to 11% in October).
There was 1 home with a Contingent status at the end of November, versus 0 last month, a first right of refusal (i.e., typically these are short sale and foreclosure homes with offers that are 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 2019 the Encinitas real estate inventory decreased by 13%, to 108 following an increase from October to November (homes range in price from $349,000 to $8,925,000). This represents an inventory of 1.7 months for attached homes, down from 2.2 months last month, and 2.3 months for detached homes at the current rate of sales, down from 2.4 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
41 Encinitas homes came on the market in November, less than half the number of new listings last month…not a surprise for the holidays; similarly, the number of homes going pending in November (excluding homes that actually closed in November) decreased by 15%, to 47, 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 so we can sit down and plan the appropriate strategy to help you accomplish your goals.