What’s the Value of my Encinitas Home?
Encinitas Market Report for November 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 November 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.
48 homes sold in Encinitas in November, the same as last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
27 (down by 21%); 26 Average Days on Market; Average Sales Price $2,443,117 (up 12%); Average sale was 103% of the original asking price
Condos, Townhomes & Duplexes Sold
21 (up by 50%); 19 Days on Market; Average Sales Price $1,158,547 (up 10%), Average sale was 99% of original asking price
Overall sales volume of Encinitas home sales was the same as last month, but with fewer single family detached home sales but more condos, townhomes and duplexes. Looking back 1 year, 47% fewer single family homes sold in November 2021, while there were 40% more condos, townhomes and duplexes sold in November 2021 compared to last year!
The average sales price for condos, townhomes and duplexes rose compared to last month, as it also did for single family homes. Sales prices ranged from $410,000 to $6,650,000 in November.
Compared to November 2020, the average sales price was 44% higher for the single family homes that sold in 2021 (the median was 34% higher); the average sales price for condos, townhomes and duplexes was 89% higher than 1 year ago (the median price was 73% higher).
The average time on the market was longer for single family homes, and for condos, townhomes and duplexes, compared to October. However, almost half of the homes (44%) went pending in 7 days or less. So the message is that home buyers should be ready to make quick decisions in order to not lose out on opportunities!
The median sales price for detached single family homes was $2,105,000 (up 15%) and $1,040,000 (up 46%) for condos, townhomes and duplexes.
While plenty of buyers in the Encinitas real estate market negotiated the sales prices of their new homes, 60%, paid full price or more, no doubt due to competition and multiple offers. It’s important to consider this information in your offer strategy if you would like to buy an Encinitas home.
There were 4 homes with an Active Under Contract status at the end of November, versus 2 last month.
The Encinitas real estate inventory decreased to 37 homes in November, a drop of 23% and another decline, with prices ranging from $425,000 to $12,495,000. This translates to an inventory of only 21 days for condos, townhomes and duplexes (compared to 26 days last month), and 24 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 remains a very strong sellers market.
27 Encinitas homes came on the market in November, about half the number as last month (53); similarly the number of homes going pending in November (excluding homes that actually closed in November) decreased from 47 to 32 pendings. But it was still an active month for buying and selling!
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 discuss the right strategy to help accomplish your real estate goals.