What’s the Value of my Encinitas Home?
Encinitas Market Report for April 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 April 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.
76 homes sold in Encinitas in April, 4 more sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
52 (up by 4); 16 Average Days on Market; Average Sales Price $2,192,905 (up by 12%); Average sale was 104% of the original asking price
Condos, Townhomes & Duplexes Sold
20 (no change); 14 Days on Market; Average Sales Price $929,476 (up by 15%), Average sale was 102% of original asking price
Sales volume of Encinitas home sales rose modestly from last month. Looking back 1 year, more than twice as many single family homes sold in April 2021. And there were 81% more condos, townhomes and duplexes sold this month than 1 year ago.
The average sales price for condos, townhomes and duplexes increased compared to last month, and was also higher for single family homes. Sales prices ranged from $439,000 to $8,250,000 in April.
Compared to April 2020, the average sales price was 33% higher for the single family homes that sold in 2021 (no doubt impacted by the sale this month of 6 homes over $3M); similarly, the average sales price for condos, townhomes and duplexes was 25% higher than 1 year ago.
The average time on the market was about the same for single family homes and for condos, townhomes and duplexes, compared to March, both about 2 weeks. What does this mean? Buyers need to be prepared to move quickly, as more than half the homes (62%) went pending in 1 week or less, some the day they hit the market!
The median sales price for detached single family homes was $1,900,000 (up 4%) and $785,000 (up 11%) for condos, townhomes and duplexes.
There were some buyers in the Encinitas real estate market who negotiated the sales price of their new homes, but significantly more than half, 78%, paid list price or higher for their new homes, the result of continued competition and multiple offers. It’s important to keep this in mind as part of your offer strategy when buying an Encinitas home.
There was 1 home with an Active Under Contract status at the end of April, versus none last month.
The Encinitas real estate inventory declined again in April, but modestly with 39 homes for sale (3 fewer listings), with prices ranging from $490,000 to $12,000,000. This represents an inventory of 16 days for condos, townhomes and duplexes (an improvement from 7 days last month), and 19 days for single family homes at the current rate of sales, down from 1.1.months last month (over a 3-month sales period).
The Encinitas real estate market continues to be a very strong sellers’ market.
55 Encinitas homes came on the market in April, 11% fewer than last month; the number of homes going pending in April (excluding homes that actually closed in April) also declined by 4 to 61 pendings. But it was still a fairly active month for sellers and buyers!
I’m pleased to share more details about the Encinitas real estate market with regard to current and past activity, as well as in specific communities including Encinitas Ranch, Leucadia, and Olivenhain, or any 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.