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Encinitas Market Report for March 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 March 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.
72 homes sold in Encinitas in March, significantly more sales than last month, up by 76%. Here’s the breakdown of overall activity.
Single Family Homes Sold
52 (up by 68%); 15 Average Days on Market; Average Sales Price $1,950,076 (up by 1%); Average sale was 101% of the original asking price
Condos, Townhomes & Duplexes Sold
20 (up 100%); 14 Days on Market; Average Sales Price $804,950 (down by 9%), Average sale was 102% of original asking price
Sales volume of Encinitas home sales rose substantially from last month. Looking back 1 year, there were 58% more single family homes sold in March 2021. And there were 67% condos, townhomes and duplexes sold than 1 year ago.
The average sales price for condos, townhomes and duplexes decreased compared to last month, but was slightly higher for single family homes. Sales prices ranged from $343,000 to $4,000,000 in March.
Compared to March 2020, the average sales price was 28% higher for the single family homes that sold in 2021; in contrast, the average sales price for condos, townhomes and duplexes was 21% lower than 1 year ago.
The average time on the market was shorter for single family homes and for condos, townhomes and duplexes, compared to February, both about 2 weeks. Buyers need to move quickly in this market – half the homes (49%) went pending in 1 week or less!
The median sales price for detached single family homes was $1,820,000 (up 17%) and $702,500 (up 9%) for condos, townhomes and duplexes.
While some buyers in the Encinitas real estate market were able to negotiate the sales price of their new homes, well more than half of the buyers, 72%, paid list price or higher for their new homes, the result of the continued competition and multiple offers. It’s important to keep this in mind when you are considering your offer strategy for buying an Encinitas home.
There were no homes with an Active Under Contract status at the end of March, versus 1 last month.
The Encinitas real estate inventory declined again in March, with 42 homes for sale (16% fewer), with prices ranging from $860,000 to $8,495,000. This represents an inventory of only 7 days for condos, townhomes and duplexes (with just 3 listings as of this writing), and 1.1 months for single family homes at the current rate of sales, the same as last month (over a 3-month sales period).
Encinitas real estate continues to be a very strong sellers’ market.
62 Encinitas homes came on the market in March, a 5% improvement from last month; the number of homes going pending in March (excluding homes that actually closed in March) remained the same as last month at 61. Thus it was another active month for 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 specific neighborhoods that interest you.
If I can provide more detailed local market information, answer questions about the market conditions in general or for particular 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 in a timely manner.