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Encinitas Market Report for May 2022
It’s important that buyers and sellers in the Encinitas housing market understand local market conditions, and the effect they have on buying and selling, so they can make informed decisions about Encinitas homes for sale.
Here’s what happened in the Encinitas housing market in May 2022, based on data from the MLS (private sales are not included nor are manufactured, mobile, or multi-family homes). These statistics are deemed reliable at the time this was written, but are not guaranteed.
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47 homes sold in Encinitas in May, down 18% from last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
38 (down by 4); 12 Average Days on Market; Average Sales Price $2,674,518 (up 6%); Average sale price was 107% of the original asking price
Condos, Townhomes & Duplexes Sold
9 (down by 6); 11 Days on Market; Average Sales Price $1,491,388 (up 23%); Average sale was 109% of original asking price
Overall sales volume of Encinitas home sales declined from last month. Looking back 1 year, 26% fewer single family homes sold in May 2022. Similarly, 55% fewer condos, townhomes and duplexes sold in May 2022 than in 2021!
The average sales price for condos, townhomes and duplexes increased substantially from last month, and also rose modestly for single family homes. May 2022 sales prices ranged from $620,000 to $7,705,000.
Looking back 1 year ago to May 2021, the average sales price was 29% higher for single family homes that sold in 2022 (the median was 43% higher); the average sales price for condos, townhomes and duplexes was 41% higher than 1 year ago (the median price was 20% higher).
The average time on the market was 1 day shorter for single family homes, and 6 days shorter for condos, townhomes and duplexes compared to April. 68% of the homes went pending in 7 days or less. Buyers should be prepared 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 $2,470,000 (up 21%) and $1,099,000 (up by 23%) for condos, townhomes and duplexes.
Some buyers were able to negotiate the sales prices, however well more than half (66%) paid more than asking price, a good indicator of the competition resulting in multiple offers. This is something to keep in mind for your offer strategy.
There were 2 homes with an Active Under Contract status at the end of May, compared to 3 last month.
The Encinitas real estate inventory rose substantially to 50 listings at the end of May, up 39% and some positive news for buyers! List prices range from $925,000 to $23,500,000. This is a supply of 1 month for condos, townhomes and duplexes (up from 10 days last month), and 27 days for single family homes at the current rate of sales (about the same as last month, 26) based on the rate of sale over the last 3-months.
Encinitas housing continues to be a very strong sellers market despite the improvement in inventory.
60 Encinitas homes came on the market in May, up from 48 new listings last month. The number of homes going pending in May (excluding homes that actually closed) rose slightly, with 38 pendings. May was a fairly busy month for buying and selling!
I’m pleased to share other details about the Encinitas real estate market regarding recent activity, as well as for individual communities including Encinitas Ranch, Leucadia, and Olivenhain, and other areas that are of particular interest to you.
I’m happy to provide more detailed local market information, answer questions about the market conditions, and also assist you in selling your Encinitas home and/or buying a new property. Please reach out directly or by text at (760) 840-1360 so we can discuss your needs and plans, and then create the best strategy to reach your real estate goals.
SEARCH FOR ENCINITAS HOMES FOR SALE
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