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Encinitas Market Report for May 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 May 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.
77 homes sold in Encinitas in May, 1 more sale than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
52 (down 7%); 16 Average Days on Market; Average Sales Price $2,056,390 (down 6%); Average sale was 101% of the original asking price
Condos, Townhomes & Duplexes Sold
25 (up 20%); 6 Days on Market; Average Sales Price $1,056,160 (up by 14%), Average sale was 105% of original asking price
Sales volume of Encinitas home sales rose slightly from last month. Looking back 1 year, 73% more single family homes sold in May 2021. And three times as many 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, but was modestly lower for single family homes. Sales prices ranged from $380,000 to $5,675,000 in May.
Compared to May 2020, the average sales price was 20% higher for the single family homes that sold in 2021; similarly, the average sales price for condos, townhomes and duplexes was 59% higher than 1 year ago.
The average time on the market was about the same for single family homes, but was substantially shorter for condos, townhomes and duplexes, compared to April. So what does this mean? Buyers need to be prepared to move quickly, as more than half the homes (57%) went pending in 7 days or less, some the first day on the market!
The median sales price for detached single family homes was $1,715,000 (down 10%) and $920,000 (up 17%) 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, 74%, paid the asking price or higher for their new homes, the result of continued competition with multiple offers. It’s important to keep this in mind as part of your offer strategy when buying an Encinitas home.
There were 3 homes with an Active Under Contract status at the end of May, versus 1 last month.
The Encinitas real estate inventory rose by 31% in May, with 51 homes for sale – good news for buyers - with prices ranging from $669,000 to $12,000,000. This represents an inventory of 12 days for condos, townhomes and duplexes (down from 16 days last month), and 23 days for single family homes at the current rate of sales, up from 19 days last month (over a 3-month sales period).
The Encinitas real estate market continues to be a very strong sellers’ market.
78 Encinitas homes came on the market in May, 42% more than last month; the number of homes going pending in May (excluding homes that actually closed in May) declined by 1 to 60 pendings. It was an active month for buyers and sellers!
I’m happy to share more specifics about the Encinitas real estate market with regard to current and past activity, as well as in individual communities including Encinitas Ranch, Leucadia, and Olivenhain, or any particular 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.