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Encinitas Home Sales for December 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 December 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.
46 homes sold in Encinitas in December, down 6% from last month. Here’s the breakdown of overall activity.
Detached Homes Sold
32 (up 3%), 49 Days on Market, Average Sales Price $1,555,796 (up 5%), Average sale was 95% of original asking price
Attached Homes (condos, town homes) Sold
14 (down 22%), 18 Days on Market, Average Sales Price $732,107 (no change), Average sale was 98% of original asking price
Sales volume of Encinitas home sales dropped overall, with 1 more detached home sale but a decline for attached homes, for a net loss. Looking back 1 year, we see there were 2 fewer detached home sales than in December 2018 but 4 more attached home sales.
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The average sales price rose for single family detached homes but did not shift for attached homes compared to last month. Compared to the December 2018 the average price was lower by 16% for the detached homes that sold in 2019 (no doubt due to the sale of 2 homes in 2018 at $7M and $9.75M that raised the average), and lower by 30% for the attached homes (impacted by the sale in 2018 of 2 attached homes at over $2M that raised the sales price average substantially).
The average time on the market was longer for single family detached homes but shorter for attached homes sales compared to November.
The median sales price for detached single family homes was $1,377,500 (up 2%) and $715,000 (up 13%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2 - 5% off the original asking price for their homes; however, 35% of the buyers paid asking price or better for their new homes. 22% of the transactions were for cash.
There was 1 home with a Contingent status at the end of December, the same as 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 December 2019 the Encinitas real estate inventory decreased by 19%, to 88 – not a surprise for the holiday season - with homes ranging in price from $89,000 (a tiny home) to $8,925,000. This represents an inventory of 1.5 months for attached homes, down from 1.7 months last month, and 2.2 months for detached homes at the current rate of sales, down from 2.3 months last month (over a 3-month sales period). The Encinitas real estate market remains a very strong seller’s market.
34 Encinitas homes came on the market in December, another decline but not a surprise for the holidays; similarly, the number of homes going pending in December (excluding homes that actually closed in December) decreased significantly by 43%, to 27, 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 real estate goals.