What’s the Value of my Encinitas Home?
Encinitas Market Report for February 2020
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 February 2020 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.
41 homes sold in Encinitas in February, up 46% from last month. Here’s the breakdown of overall activity.
Detached Homes Sold
26 (up 24%), 42 Days on Market, Average Sales Price $1,622,155 (no change), Average sale was 97% of original asking price
Attached Homes Sold (condos, town homes)
15 (up 114%), 26 Days on Market, Average Sales Price $627,566 (down 23%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales rose significantly overall, and especially for attached home sales. Looking back 1 year, we see there were 2 more detached home sales than in February 2019 and 9 more attached home sales.
The average sales price did not change for single family detached homes and was lower for attached homes compared to last month. Compared to February 2019 the average sales price was higher by 6% for the detached homes that sold in 2020, but 20% higher than the average for the attached homes in February 2019.
The average time on the market was shorter for both single family detached homes and the attached homes sales compared to January.
The median sales price for detached single family homes was $1,337,500 (down 13%) and $589,000 (down 21%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 3% off the original asking price for their homes; however, 41% of the buyers paid asking price or better for their new homes, a good indication of the competition. 17% of the transactions were for cash, 6% more than last month.
There were 2 homes with a Contingent status at the end of February, versus 3 last month; 1 was a short sale and 1 was a first right of refusal (i.e., sometimes these are short sale and foreclosure homes with offers that are considered by the lenders but these days most are first right of refusals).
For February 2020 the Encinitas real estate inventory was up modestly, increasing by 3 to 92, with homes ranging in price from 359,000 to $7,499,995. This represents an inventory of 1.5 months for attached homes, up from 1.3 months last month, and 2.4 months for detached homes at the current rate of sales, down from 2.5 months last month (over a 3-month sales period). The Encinitas real estate market remains one that strongly favors sellers.
76 Encinitas homes came on the market in February, another jump in new listings, up 27%, which was good news for buyers; similarly, the number of homes going pending in February (excluding homes that actually closed in February) also increased, by 49%, to 55, from last month, signs of a busy month of making successful offers.
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.