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Encinitas Market Report for December 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 December 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.
59 homes sold in Encinitas in December, 9 fewer (13%) than last month, not a bg surprise given the time of year. Here’s the breakdown of overall activity.
Single Family Homes Sold
44 (down 17%); 31 Average Days on Market; Average Sales Price $1,796,341 (up 16%); Average sale was 99% of the original asking price
Condos, Townhomes & Duplexes Sold
15 (no change); 27 Days on Market; Average Sales Price $694,826 (up 13%), Average sale was 99% of original asking price
Sales volume of Encinitas home sales declined from last month due to a drop in single family homes; sales volume of condos, townhomes and duplexes remained the same. Looking back 1 year, we see there were 38% more single family home sales than in December 2019 similar to last month, and 2 more condos, townhomes and duplexes sold than 1 year ago.
The average sales price for condos, townhomes and duplexes increased significantly compared to last month (no doubt due, in part to the sale of 3 homes over $3M, with 2 at $5.25M), and was also higher for single family homes.
Looking back to December 2019, the average sales price was 13% higher for the single family homes that sold in 2020; in contrast, the average sales price for condos, townhomes and duplexes was 6% lower than 1 year ago.
The average time on the market was modestly longer for condos, townhomes and duplexes, and for single family homes, compared to November.
The median sales price for detached single family homes was $1,549,000 (down 5%) and $625,000 (up 4%) for condos, townhomes and duplexes.
Buyers in the Encinitas real estate market, on average, negotiated 1% 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 continuing competition among buyers.
There were 2 homes with an Active Under Contract status at the end of December, compared to 3 last month. These homes are included in the statistics below.
The Encinitas real estate inventory shifted downwards significantly in December, with 42 homes for sale (down 35%), with prices ranging from $434,900 to $10,000,000. This represents an inventory of only 18 days for condos, townhomes and duplexes, down from 23 days last month, and only 19 day for single family homes at the current rate of sales, a drop from 27 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 December.
28 Encinitas homes came on the market in December, another significant decrease in new listings by 39%, perhaps not a surprise given the holiday; the number of homes going pending in December (excluding homes that actually closed in December) also dropped substantially from 51 pendings last month to 22, but it was still a relatively active December 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.