What’s the Value of my Encinitas Home?
Encinitas Market Report for March 2022
It’s essential that buyers and sellers in the Encinitas housing market understand local market conditions, and the impact they have on buying and selling, in order to make educated decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market for March 2022 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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57 homes sold in Encinitas in March, 54% more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
41 (up by 71%); 18 Average Days on Market; Average Sales Price $2,620,781 (up 33%); Average sale was 106% of the original asking price
Condos, Townhomes & Duplexes Sold
16 (up by 3); 13 Days on Market; Average Sales Price $1,200,539 (up 18%), Average sale was 108% of original asking price
Overall sales volume of Encinitas home sales rose significantly from last month, especially for single family detached home sales. Looking back 1 year, 21% fewer single family homes sold in March 2022. Similarly, 27% fewer condos, townhomes and duplexes sold in March 2022 compared to 2021!
The average sales price for condos, townhomes and duplexes increased compared to last month, and also did so substantially for single family homes (no doubt impacted by the sale of 6 homes over $4M with 1 at $10.3M that raised that average). Sales prices ranged from $402,137 to $10,300,000 in March.
Looking back 1 year ago to March 2021, the average sales price was 34% higher for the single family homes that sold in 2022 (the median was 12% higher); the average sales price for condos, townhomes and duplexes was 51% higher than 1 year ago (the median price was 27% higher).
The average time on the market was longer for single family homes, but shorter for condos, townhomes and duplexes, compared to February. 56% of the homes went pending in 7 days or less, about the same as last month. Buyers should be ready to make quick decisions in order to not lose out on homes that meet their needs!
The median sales price for detached single family homes was $2,045,000 (up 18%) and $895,000 (down 10%) for condos, townhomes and duplexes.
While some buyers were able to negotiate the sales prices of their new homes, most (79%) paid full price or more, a good indicator of the competition and multiple offers. It’s important to remember this when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of March, compared to 3 last month.
The Encinitas real estate inventory decreased, again, to 21 homes at the end of March, down by 3. Listing prices range from $839,000 to $5,695,000. This is a supply of only 9 days for condos, townhomes and duplexes (down from 13 days last month), and 17 days for single family homes at the current rate of sales (versus 23 days last month) over a 3-month sales period.
The Encinitas housing market remains a very strong sellers market.
61 Encinitas homes came on the market in March, a 69% increase from last month (36) and some good news; the number of homes going pending in March (excluding homes that actually closed) also rose, with 43 pendings. March was an active month of buying and selling!
I’m happy to share other details about the Encinitas real estate market with respect to recent activity, as well as for individual communities including Encinitas Ranch, Leucadia, and Olivenhain, and particular neighborhoods that are of interest to you.
I’m pleased to provide more detailed local market information, answer questions about the market conditions in general or for particular neighborhoods, and assist you in selling your Encinitas home and/or buying a new property. Please reach out by direct call or text at (760) 840-1360 so we can discuss your plans and create the best strategy to help accomplish your real estate goals.
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