What’s the Value of my Encinitas Home?
Encinitas Market Report for October 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 October 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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48 homes sold in Encinitas in October, 3 more sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
34 (up by 1); 21 Average Days on Market; Average Sales Price $2,174,169 (down 6%); Average sale was 103% of the original asking price
Condos, Townhomes & Duplexes Sold
14 (up by 2); 14 Days on Market; Average Sales Price $1,054,250 (down 5%), Average sale was 105% of original asking price
Overall sales volume of Encinitas home sales rose slightly from last month, and for single family detached homes as well as condos, townhomes and duplexes. Looking back 1 year, 40% fewer single family homes sold in October 2021, while two fewer condos, townhomes and duplexes sold in October 2021 compared to last year!
The average sales price for condos, townhomes and duplexes dropped compared to last month, as it also did for single family homes. Sales prices ranged from $471,500 to $5,350,000 in October.
Compared to October 2020, the average sales price was 14% higher for the single family homes that sold in 2021 (the median was 14% higher); the average sales price for condos, townhomes and duplexes was 5% higher than 1 year ago (yet the median price was 2% lower).
The average time on the market was significantly shorter for single family homes, but several days longer for condos, townhomes and duplexes, compared to September. The message here is that buyers must be ready to make quick decisions, since almost half of the homes (44%) went pending in 7 days or less!
The median sales price for detached single family homes was $1,825,000 (up 7%) and $714,000 (down 21%) for condos, townhomes and duplexes.
Many buyers in the Encinitas real estate market negotiated the sales price of their new homes, however 73%, paid full price or higher for their homes (one paid 50% over asking), no doubt due to competition and multiple offers. It’s important to consider these statistics in your offer strategy if you plan on buying an Encinitas home.
There were 2 homes with an Active Under Contract status at the end of October, versus 3 last month.
The Encinitas real estate inventory decreased to 48 homes in October, a drop of 23% from last month, with prices ranging from $649,000 to $12,495,000. Thus there is an inventory of only 26 days for condos, townhomes and duplexes (compared to 19 months last month), and 28 days for single family homes at the current rate of sales, compared to 29 days last month (over a 3-month sales period).
The Encinitas real estate market continues to be a very strong sellers market.
53 Encinitas homes came on the market in October, about the same as last month (54); in contrast the number of homes going pending in October (excluding homes that actually closed in October) increased from 34 to 47 pendings. It was an active month for sellers and buyers!
I’m happy to share other details about the Encinitas real estate market with respect to current and past activity, as well as for individual communities such as Encinitas Ranch, Leucadia, and Olivenhain, and particular neighborhoods that are of interest.
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 reach out to me at (760) 840-1360 so we can create the right plan to help accomplish your real estate goals.
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in September 2021
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