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Encinitas Market Report for July 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 July 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.
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71 homes sold in Encinitas in July, 65% more sales than last month, the 3rd consecutive increase during our pandemic. Here’s the breakdown of overall activity.
Detached Homes Sold
47 (up 62%), 33 Average Days on Market, Average Sales Price $1,655,591 (no shift), Average sale was 98% of the original asking price
Attached Homes (condos, town homes) Sold
24 (up 71%), 27 Days on Market, Average Sales Price $769,104 (down 5%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales increased significantly overall, and for both detached and attached home sales. Looking back 1 year, we see there were substantially more detached home sales than in July 2019, up 31%, and 60% more attached home sales.
The average sales price did not shift for single family detached homes but was modestly lower for attached homes compared to last month. Looking back to July 2019, the average sales price was 8% lower for the detached homes that sold in 2020 (no doubt influenced by the sale in July 2019 of a home priced at $6.75M and 1 at $4.495M that raise the average substantially); the average sales price for attached homes in July 2020 was 18% higher than 1 year ago.
The average time on the market was the same for detached single family homes, about 1 month, but shorter for attached homes sales compared to June.
The median sales price for detached single family homes was $1,320,000 (down 20%) and $689,500 (up 15%) for attached properties.
Buyers in the Encinitas real estate market, on average, negotiated 2% off the original asking price for their homes; however, 37% of the buyers paid asking price or better for their new homes, a good indication of competition. 24% of the transactions were for cash, about the same as last month.
There were no homes with a Contingent status at the end of July compared to 1 last month (i.e., sometimes these are short sale and foreclosure homes with offers that are considered by the lenders but recently most are first right of refusals).
For July 2020 the Encinitas real estate inventory dropped significantly by 18% to 88, with homes ranging in price from $346,500 to $10,800,000. This represents an inventory of only 1.6 months for attached homes, down from 3.1 months last month, and only 1.8 months for detached homes at the current rate of sales, down from 3.4 months last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, becoming even more competitive in July.
77 Encinitas homes came on the market in July, a fairly significant increase in new listings by 11%, despite the pandemic; similarly, the number of homes going pending in July (excluding homes that actually closed in July) increased to 88 pendings, up 40%, from last month, a good indication of how busy it was in July!
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.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in June 2020
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