What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in June 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 June 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 report was written, but are not guaranteed.
43 homes sold in Encinitas in June, 19% more sales than last month, the second consecutive increase in our pandemic. Here’s the breakdown of overall activity.
Detached Homes Sold
29 (up 4%), 33 Days on Market, Average Sales Price $1,661,787 (down 5%), Average sale was 96% of original asking price
Attached Homes (condos, town homes) Sold
14 (up 175%), 36 Days on Market, Average Sales Price $806,071 (up 21%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales increased substantially overall, with significantly more attached home sales and only 1 more detached sale1. Looking back 1 year, we see there were substantially fewer detached home sales than in June 2019 (down 19%), and 12% fewer attached home sales, in contrast to neighboring Carlsbad.
The average sales price was modestly lower for single family detached homes but higher for attached homes compared to last month. Looking back to June 2019, the average sales price was 13% higher for the detached homes that sold in 2020, and 3% higher for attached homes than 1 year ago.
The average time on the market was longer for both detached single family homes and attached homes sales compared to May.
The median sales price for detached single family homes was $1,643,000 (up 32%) and $610,000 (up 15%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2 - 4% off the original asking price for their homes; however, 30% of the buyers paid asking price or better for their new homes, a good indication of competition. 23% of the transactions were for cash, versus 6% last month.
There was 1 home with a Contingent status at the end of June, the same as last month, 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 June 2020 the Encinitas real estate inventory dropped modestly by 9% to 122, with homes ranging in price from $365,000 to $10 million. This represents an inventory of 3.1 months for attached homes, down from 3.5 months last month, and 3.4 months for detached homes at the current rate of sales, down from 3.6 months last month (over a 3-month sales period). The Encinitas real estate market remains one that favors sellers.
69 Encinitas homes came on the market in June, a significant decrease in new listings by 18%, no doubt due, in part, to the pandemic; in contrast, the number of homes going pending in June (excluding homes that actually closed in June) increased to 63 pendings, up 47%, from last month, another increase in pendings. June was a busy 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.
It’s important to know there are specific recommendations in place to help keep everyone safe, and new procedures as the result of the coronavirus that impact home purchases and sales in our area. I am happy to review this information with you and answer questions about what this means for buyers and sellers, and what you can expect when buying or selling.