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Encinitas Market Report for August 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 August 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.
71 homes sold in Encinitas in August, the same as last month which was a relatively busy month with the most sales in any month in over a year! Here’s the breakdown of overall activity.
Detached Homes Sold
48 (up by 1), 44 Average Days on Market, Average Sales Price $1,841,806 (up 11%), Average sale was 98% of the original asking price
Attached Homes (condos, town homes) Sold
23 (down by 1), 38 Days on Market, Average Sales Price $784,756 (up 2%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales remained the same overall, but with 1 more detached home and 1 less attached home sale. Looking back 1 year, we see there were just 2 more detached home sales than in August 2019, but 53% more sales of attached homes.
The average sales price did not shift for single family detached homes but was modestly higher for attached homes compared to last month. Looking back to August 2019, the average sales price was 12% higher for the detached homes that sold in 2020; the average sales price for attached homes was 4% lower than 1 year ago.
The average time on the market was longer for both detached single family homes, and attached homes sales compared to July.
The median sales price for detached single family homes was $1,598,750 (up 21%) and $753,000 (up 9%) for attached properties. Note: there were 2 listings sold together as one home at $4,100,000, but counted twice, which no doubt raised the average substantially for detached homes, along with 3 sales at over $3 million.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 2% 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 competition. 13% of the transactions were for cash.
There were 2 homes with a Contingent status at the end of August, compared to none last month, both first right of refusals (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 August 2020 the Encinitas real estate inventory dropped by 6% to 83, the second decline, with homes ranging in price from $359,000 to $10,800,000. This represents an inventory of only 1.2 months for attached homes, down from 1.6 months last month, and only 1.4 months for detached homes at the current rate of sales, down from 1.8 months last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, and became even more competitive in August.
83 Encinitas homes came on the market in August, an increase in new listings by 8%, despite the pandemic; in contrast, the number of homes going pending in August (excluding homes that actually closed in August) decreased to 74 pendings, down 16%, from last month, but still a busy August for both buyers and sellers!
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.