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Encinitas Homes for Sale in November 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 November 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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68 homes sold in Encinitas in November, 3 fewer than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
53 (down by 2); 27 Average Days on Market; Average Sales Price $1,711,160 (down 11%); Average sale was 97% of the original asking price
Condos, Townhomes & Duplexes Sold
15 (down by 1); 19 Days on Market; Average Sales Price $613,870 (down 39%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales declined modestly from last month with a drop in single family homes as well as condos, townhomes and duplexes. Looking back 1 year, we see there were 39% more single family home sales than in November 2019, but about the same number of condos, townhomes and duplexes sold.
The average sales price for condos, townhomes and duplexes decreased significantly compared to last month (due, in part, to the sale of 3 properties last month for over $2M that raised the average), and was lower for single family homes (9 homes sold for over $3M last month that raised that average).
Looking back to November 2019, the average sales price was 14% higher for the single family homes that sold in 2020; in contrast, the average sales price for condos, townhomes and duplexes was 19% lower than 1 year ago.
The average time on the market was shorter for condos, townhomes and duplexes, compared to October.
The median sales price for detached single family homes was $1,622,649 (up 1%) and $601,000 (down 17%) for condos, townhomes and duplexes.
Buyers in the Encinitas real estate market, on average, negotiated 1 - 3% off the original asking price for their homes; however, almost half of the buyers, 49%, paid asking price or better for their new homes, a good indication of the ongoing competition.
There were 3 homes with an Active Under Contract status at the end of November, compared to 6 last month. These homes are included in the statistics below.
The Encinitas real estate inventory shifted down in November, with 65 homes for sale (down 18%), with prices ranging from $435,900 to $10,000,000. This represents an inventory of only 23 days for condos, townhomes and duplexes, down from 28 days last month, and just shy of a month (27 days) for single family homes at the current rate of sales, also down from 28 days last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, becoming even more competitive in November.
46 Encinitas homes came on the market in November, a significant decrease in new listings by 42%, perhaps not a surprise given the time of year; the number of homes going pending in November (excluding homes that actually closed in November) also dropped from 73 pendings last month to 51, but it was still a fairly busy November 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.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in October 2020
