What’s the Value of my Encinitas Home?
Encinitas Market Report for July 2022
It’s important that Encinitas sellers and buyers understand the 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 July 2022 Encinitas housing market, based on data from the MLS (private sales are not included nor are manufactured, mobile, or multi-family homes). These statistics are believed reliable at the time this was written, but are not guaranteed.
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38 homes sold in Encinitas in July, 5 fewer than last month, another modest decline. Here’s the breakdown of overall activity.
Single Family Homes Sold
23 (down by 23%); 14 Average Days on Market; Average Sales Price $2,591,347 (up 4%); Average sale price was 98% of the original asking price
Condos, Townhomes & Duplexes Sold
15 (up by 2); 11 Days on Market; Average Sales Price $1,204,866 (down 17%); Average sale was 97% of original asking price
Overall sales volume of Encinitas home sales declined from June, with fewer single family home sales but 2 more condos, townhome and duplex sales. Looking back 1 year, 52% fewer single family homes sold in July 2022. In contrast, twice as many condos, townhomes and duplexes sold in July 2022 than in 2021 (15 vs. 7).
The average sales price for condos, townhomes and duplexes declined from last month, but was higher for single family homes. July sales prices ranged from $533,000 to $10,000,000.
Looking back 1 year ago to July 2021, the average sales price was 20% higher for single family homes that sold in 2022 (the median was 8% higher). The average sales price for condos, townhomes and duplexes was 50% higher than 1 year ago (the median price was 28% higher).
The average time on the market was 5 days shorter for single family homes, and 4 days longer for condos, townhomes and duplexes compared to June. Slightly over half (53%) of the homes went pending in 7 days or less, about the same as last month. Thus, buyers should be ready to make quick decisions so they do not lose out on properties that meet their needs!
The median sales price for detached single family homes was $2,073,000 (down 8%) and $1,005,000 (down by 20%) for condos, townhomes and duplexes.
While a number of buyers negotiated their purchase prices, 29% paid more than asking price (vs. 44% last month), a good indication of competition and multiple offers. Keep this in mind when planning your offer strategy.
There were 3 homes with an Active Under Contract status at the end of July, compared to 6 last month.
The inventory rose again, to 80 listings at the end of July, up 33% and positive news for buyers! List prices range from $597,000 to $15,000,000. This is a 1.8-month supply for condos, townhomes and duplexes (down from 2 months last month), and 1.8 months for single family homes (up from 1.6 months last month) based on the rate of sales over the last 3 months.
Encinitas housing remains a very strong sellers market even with the improvement in inventory.
40 Encinitas homes came on the market in July, compared to 75 new listings last month. The number of homes going pending in July (excluding homes that actually closed) also declined, with 29 pendings (down 7). But it was still a busy month of buying and selling!
I can share other details about the Encinitas real estate market regarding recent activity, for individual neighborhoods like Encinitas Ranch, Leucadia, and Olivenhain, or other areas that are of particular interest to you.
I’m happy to provide more local market information, answer questions about the market conditions, and 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 develop the best strategy to reach your real estate goals.
SEARCH FOR ENCINITAS HOMES FOR SALE
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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in June 2022
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