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Encinitas Market Report for September 2022
It’s important that Encinitas sellers and buyers understand local market conditions, and the impact they can have on purchases and sales, in order to make informed decisions about Encinitas homes for sale.
Here’s what happened in the September 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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35 homes sold in Encinitas in September, 9 fewer than last month, following after an increase in sales last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
25 (no change); 29 Average Days on Market; Average Sales Price $2,531,320 (down by 3%); Average sale price was 93% of the original asking price.
Condos, Townhomes & Duplexes Sold
10 (down 47%); 33 Days on Market; Average Sales Price $859,026 (down 36%); Average sale was 93% of original asking price.
Overall sales volume of Encinitas home sales decreased from August, all due to a drop in condo, townhome and duplex sales. Sales of single family homes did not shift in September.
Looking back 1 year, 29% fewer single family homes sold in September 2022. And 2 fewer condos, townhomes and duplexes sold in September 2022 than in 2021.
The average sales price for condos, townhomes and duplexes declined from last month, and was also lower for single family homes. September sales prices ranged from $540,400 to $6,555,000.
Compared to September 2021, the average sales price was 12% higher for single family homes sold in 2022 (the median was 47% higher). In contrast, the average sales price for condos, townhomes and duplexes in September 2022 was 22% lower than 1 year ago (the median price was also 25% lower).
The average time on the market was shorter for single family homes, but longer for condos, townhomes and duplexes compared to August. 1 out of 4 homes (26%) went pending in 7 days or less, about the same as last month. That said, buyers should be prepared to make decisions quickly!
The median sales price for detached single family homes was $2,350,000 (up 12%) and $682,500 (41% lower) for condos, townhomes and duplexes.
While some buyers negotiated their purchase prices, 29% paid more than asking price (vs. 34% last month), no doubt due to some competition and multiple offers for some properties. This is important to remember when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of September, the same as last month.
The inventory declined slightly to 69 listings at the end of September, down by 3. List prices range from $649,900 to $19,995,000. This is a 26-day supply for condos, townhomes and duplexes (down from 1.4 months last month), and 2.3 months for single family homes (up from 1.9 months last month) based on the rate of sales over the last 3 months.
Encinitas housing remains a very strong sellers market.
44 Encinitas homes came on the market in September, compared to 48 new listings last month. The number of homes going pending in September (excluding homes that closed) also decreased, with 30 pendings (down by 7).
I can share other details about the Encinitas real estate market regarding recent activity, for neighborhoods like Encinitas Ranch, Leucadia, and Olivenhain, or other areas that are of interest.
I’m happy to provide more local market information, answer questions about market conditions, and assist you in selling your Encinitas home and/or buying a new property. Please call or text me at (760) 840-1360 so we can discuss your needs and plans, and then create the right strategy to reach your real estate goals.
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