What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in March 2020
Buyers and sellers in the Encinitas real estate market must understand local market conditions, and the impact they have on buying and selling, in order to make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for March 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.
44 homes sold in Encinitas in March, up from 41 (7% increase) last month. Here’s the breakdown of overall activity
Detached Homes Sold
32 (up 23%), 24 Days on Market, Average Sales Price $1,515,293 (down 7%), Average sale was 97% of original asking price
Attached Homes (condos, town homes) Sold
12 (down 20%), 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 overall, with more detached single family home sale but fewer attached. Looking back 1 year, we see there were 5 fewer detached home sales than in March 2019 and 1 fewer attached home sales.
The average sales price declined for single family detached homes but was higher for attached homes compared to last month. Compared to March 2019 the average sales price was lower by 6% for the detached homes that sold in 2020. The average sales price for attached homes was 33% higher than the average for March 2019, no doubt the result of a sale of one home for over $3.4M that raised the average for March 2020.
The average time on the market was shorter for both single family detached homes and the attached homes sales compared to February.
The median sales price for detached single family homes was $1,257,000 (down 6%) and $745,000 (up 26%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 3% off the original asking price for their homes; however, 39% of the buyers paid asking price or better for their new homes. 34% of the transactions were for cash, 17% more than last month.
There was 1 home with a Contingent status at the end of March, versus 2 last month; this is 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 March 2020 the Encinitas real estate inventory was up, increasing by 9% to 100, with homes ranging in price from 349,900 to $8 million. This represents an inventory of 2.6 months for attached homes, up from 1.5 months last month, and 2.6 months for detached homes at the current rate of sales, up from 2.4 months last month (over a 3-month sales period). The Encinitas real estate market remains one that strongly favors sellers.
48 Encinitas homes came on the market in March, a significant drop in new listings, down 37%, perhaps impacted by current health concerns; similarly, the number of homes going pending in March (excluding homes that actually closed in March) also decreased, by 35%, to 36, 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 discuss an appropriate strategy to help you accomplish your goals.
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as the result of the Stay-at-Home Order that impacts home purchases and sales in our area. Much of the real estate transaction is now being done virtually. I am happy to share that information with you and answer any questions about what this means for buyers and sellers, and what to expect.