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Encinitas Market Report for October 2022
It’s essential Encinitas sellers and buyers understand local market conditions, and the impact they can have on purchases and sales, in order to make educated decisions about Encinitas homes for sale.
Here’s what happened in the October 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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37 homes sold in Encinitas in October, 2 more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
23 (down by 2); 27 Average Days on Market; Average Sales Price $2,487,077 (down by 2%); Average sale price was 93% of the original asking price.
Condos, Townhomes & Duplexes Sold
14 (up by 4); 26 Days on Market; Average Sales Price $1,080,498 (up 26%); Average sale was 93% of original asking price.
Overall sales volume of Encinitas home sales increased modestly from September, with a slight drop in single family home sales and an increase in condo, townhome and duplex sales.
Looking back 1 year, 32% fewer single family homes sold in October 2022. Interestingly the same number of condos, townhomes and duplexes (14) sold in October 2022 and in 2021.
The average sales price for condos, townhomes and duplexes rose significantly from last month, and was slightly lower for single family homes. October sales prices ranged from $649,999 to $6,000,000.
Compared to October 2021, the average sales price was 14% higher for single family homes sold in 2022 (the median was 15% higher). The average sales price for condos, townhomes and duplexes in October 2022 was 2% higher than 1 year ago (the median price was 40% higher).
The average time on the market was shorter for single family homes, and for condos, townhomes and duplexes compared to September. 35% of the homes went pending in 7 days or less, more than last month. Buyers should continue to be prepared to make their decisions quickly!
The median sales price for detached single family homes was $2,100,000 (down 11%) and $1,000,388 (47% higher) for condos, townhomes and duplexes.
While plenty of buyers were able to negotiate their purchase prices, 30% paid more than asking price (a little more than last month), no doubt due to continued competition and multiple offers for some properties. This is important to keep in mind for your offer strategy.
There were no homes with an Active Under Contract status at the end of October, versus 1 last month.
The inventory declined slightly to 67 listings at the end of October, down by 2. List prices range from $499,000 to $19,995,000. This is a 1.1 month supply for condos, townhomes and duplexes (up from 26 days last month), and 2.1 months for single family homes (down from 2.3 months last month) based on the rate of sales over the last 3 months.
Encinitas housing continues to be a very strong sellers market.
34 Encinitas homes came on the market in October, compared to 44 new listings last month. The number of homes going pending in October (excluding homes that actually closed) also decreased, with 25 pendings (down by 5).
I can share other details about the Encinitas real estate market regarding recent activity, for 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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Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in September 2022
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