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Encinitas Market Report for April 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 April 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.
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
32 homes sold in Encinitas in April, 27% fewer sales than last month, perhaps not a surprise given the pandemic. Here’s the breakdown of overall activity:
Detached Homes Sold
21 (down 34%), 45 Days on Market, Average Sales Price $1,646,365 (up 9%), Average sale was 95% of original asking price
Attached Homes (condos, town homes) Sold
11 (down 8%), 18 Days on Market, Average Sales Price $745,136 (up 19%), Average sale was 101% of original asking price
Sales volume of Encinitas home sales dropped overall, with significantly fewer detached single family home sales and fewer attached. Looking back 1 year, we see there were substantially fewer detached home sales than in April 2019 (down 45%), and 35% fewer attached home sales.
The average sales price was higher for single family detached homes as well as for attached homes compared to last month. Compared to April 2019, the average sales price was about the same for the detached homes that sold in 2020. However, the average sales price for attached homes was 8% higher than the average for April 2019.
The average time on the market was substantially longer for single family detached homes, but shorter for 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 5% off the original asking price for their homes; however, 22% of the buyers paid asking price or better for their new homes, a good indication of competition. 16% of the transactions were for cash, versus 34% last month.
There were no homes with a Contingent status at the end of April, versus 1 last month (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 April 2020 the Encinitas real estate inventory was up again, despite the pandemic, increasing by 12% to 112, with homes ranging in price from $358,300 to $8 million. This represents an inventory of 2.5 months for attached homes, down from 2.6 months last month, and 3 months for detached homes at the current rate of sales, up from 2.6 months last month (over a 3-month sales period). The Encinitas real estate market remains one that strongly favors sellers.
63 Encinitas homes came on the market in April, a significant increase in new listings, up 31%; similarly, the number of homes going pending in April (excluding homes that actually closed in April) dropped by 1 pending, to 35, 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 impact home purchases and sales in our area. Much of the real estate transaction is now being done virtually. I am happy to review this information with you and answer questions about what this means for buyers and sellers, and what to expect when buying or selling.