What’s the Value of my Encinitas Home?
Encinitas Homes for Sale in September 2021
Buyers and sellers in the Encinitas real estate market should be aware of, and understand, local market conditions, and the impact they have on buying and selling, so they can make informed and educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for September 2021 based on MLS data (private sales are not included nor are manufactured, mobile, or multi-family homes). These data are considered reliable when this was written, but are not guaranteed.
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45 homes sold in Encinitas in September, 25% fewer sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
33 (down by 27%); 31 Average Days on Market; Average Sales Price $2,301,819 (down 10%); Average sale was 100% of the original asking price
Condos, Townhomes & Duplexes Sold
12 (down 20%); 11 Days on Market; Average Sales Price $1,106,575 (up 11%), Average sale was 103% of original asking price
Sales volume of Encinitas home sales dropped significantly from last month, and for single family detached homes as well as condos, townhomes and duplexes. Looking back 1 year, 43% fewer single family homes sold in September 2021. And half as many condos, townhomes and duplexes sold in September 2021 compared to last year!
The average sales price for condos, townhomes and duplexes rose compared to last month, but was lower for single family homes, no doubt due, in part, to the sale of 4 homes for more than $7M each last month that raised that average. Sales prices ranged from $405,000 to $8,700,000 in September.
Compared to September 2020, the average sales price was 35% higher for the single family homes that sold in 2021 (the median was 2% higher); the average sales price for condos, townhomes and duplexes was 52% higher than 1 year ago (median price was 30% higher).
The average time on the market was longer for single family homes by 11 days (i.e., to about 1 month), but was 2 days shorter for condos, townhomes and duplexes, compared to August. The message from these data is that buyers should be prepared to make quick decisions, considering that 40% of the homes went pending in 7 days or less!
The median sales price for detached single family homes was $1,700,000 (down 13%) and $907,500 (up 23%) for condos, townhomes and duplexes.
While many buyers in the Encinitas real estate market were able to negotiate the sales price of their new homes, 40%, paid full price or more for their homes (one paid 18% over asking), likely due to competition and multiple offers. It’s important to consider this information in your offer strategy if you want to buy an Encinitas home.
There were 3 homes with an Active Under Contract status at the end of September, compared to 6 last month.
The Encinitas real estate inventory increased by 13% in September, with 62 homes for sale, with prices ranging from $416,000 to $10,895,000. There is an inventory of 1.9 months for condos, townhomes and duplexes (compared to 23 days last month), and 29 days for single family homes at the current rate of sales, compared to 28 days last month (over a 3-month sales period).
The Encinitas real estate market continues to very strongly favor sellers.
54 Encinitas homes came on the market in September, 4 more than last month; in contrast the number of homes going pending in September (excluding homes that actually closed in September) declined modestly from 37 to 34 pendings. It was still a busyrt 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 the right strategy to help you accomplish your real estate goals in a timely manner.
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READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in August 2021
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