What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in January 2021
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 January 2021 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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33 homes sold in Encinitas in January, 44% fewer sales than last month. Here’s the breakdown of overall activity:
Single Family Homes Sold
23 (down 48%); 23 Average Days on Market; Average Sales Price $2,090,323 (up 16%); Average sale was 98% of the original asking price
Condos, Townhomes & Duplexes Sold
10 (down 33%); 22 Days on Market; Average Sales Price $768,368 (up 11%), Average sale was 98% of original asking price
Sales volume of Encinitas home sales declined substantially from last month. Looking back 1 year, we see that about the same number of single family home sold – 1 less than in January 2021. 3 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, and was also higher for single family homes.
Compared to January 2020, the average sales price was 27% higher for the single family homes that sold in 2021; 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 shorter for condos, townhomes and duplexes, and for single family homes, when compared to December.
The median sales price for detached single family homes was $1,775,000 (up 15%) and $643,500 (up 3%) for condos, townhomes and duplexes.
Buyers in the Encinitas real estate market, on average, negotiated 2% off the original asking price for their homes; however, more than half of the buyers, 55%, paid asking price or higher for their new homes, a good indication of the ongoing competition for limited inventory.
There was 1 home with an Active Under Contract status at the end of January, compared to 2 last month. This home is included in the statistics below.
The Encinitas real estate inventory shifted upwards significantly in January, with 54 homes for sale (up 29%) which is good news for buyers, with prices ranging from $359,000 to $8,950,000. This represents an inventory of 29 days for condos, townhomes and duplexes, up from 18 days last month, and 29 days for single family homes at the current rate of sales, a jump from 19 days last month (over a 3-month sales period).
The Encinitas real estate market remains one that strongly favors sellers, becoming slightly less competitive in January.
55 Encinitas homes came on the market in January, nearly double the number of new listings last month; similarly the number of homes going pending in January (excluding homes that actually closed in January) rose substantially from 22 pendings last month to 41. Thus it was an active January 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 December 2020
