What’s the Value of Encinitas Home?
Encinitas Homes for Sale in July 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 July 2021 based on MLS data (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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52 homes sold in Encinitas in July, 29% fewer sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
47 (down by 4); 18 Average Days on Market; Average Sales Price $2,186,742 (up 12%); Average sale was 105% of the original asking price
Condos, Townhomes & Duplexes Sold
5 (down 77%); 9 Days on Market; Average Sales Price $805,400 (down 31%), Average sale was 100% of original asking price
Sales volume of Encinitas home sales dropped significantly from last month. Looking back 1 year, 2 fewer single family homes sold in July 2021. But 4 times as many condos, townhomes and duplexes sold in July 2020 compared to this year!
The average sales price for condos, townhomes and duplexes decreased compared to last month, but was higher for single family homes, no doubt in part due to the sale of 7 homes for more than $3M each. Sales prices ranged from $397,000 to $8,000,000 in July.
Compared to July 2020, the average sales price was 33% higher for the single family homes that sold in 2021 (the median was 46% higher); the average sales price for condos, townhomes and duplexes was 4% higher than 1 year ago (median price was 12% higher).
The average time on the market was longer for single family homes (a little over 2 weeks), and was several days longer for condos, townhomes and duplexes, compared to June. The important message is that buyers must be prepared to move quickly – about half the homes (54%) went pending in 7 days or less, some on the day they came on the market!
The median sales price for detached single family homes was $1,927,000 (up 13%) and $780,000 (down 18%) for condos, townhomes and duplexes.
Some buyers in the Encinitas real estate market were able to negotiate the sales price of their new homes, but well more than half, 73%, paid full price or more for their homes, no doubt due to continued competition and multiple offers. Keep this in mind as part of your offer strategy if you are hoping to buy an Encinitas home.
There was 1 home with an Active Under Contract status at the end of July, the same as last month.
The good news is that the Encinitas real estate inventory rose by 36% in July, with 60 homes for sale, with prices ranging from $415,000 to $12,000,000. There is an inventory of 24 days for condos, townhomes and duplexes (up from 13 days last month), and 29 days for single family homes at the current rate of sales, compared to 20 days last month (over a 3-month sales period).
The Encinitas real estate market continues to very much favor sellers.
65 Encinitas homes came on the market in July, 2 more than last month – that’s 2 per day; the number of homes going pending in July (excluding homes that actually closed in July) declined by 3 to 52 pendings. With these changes it was still 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 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 and/or buying a new property, please contact me at (760) 840-1360 so we can discuss an appropriate strategy to help you accomplish your real estate goals in a timely manner.
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