What’s the Value of my Encinitas Home?
Encinitas Market Report in January 2023
It’s important for Encinitas sellers and buyers to understand local market conditions, and the impact on buying and selling, so they can make educated decisions about Encinitas homes for sale.
Here’s what happened in the January 2023 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.
Encinitas – An Eclectic Seaside Community
Leucadia- Surfers' Beach Community in Encinitas CA
24 homes sold in Encinitas in January, 29% fewer than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
15 (down 40%); 25 Average Days on Market; Average Sales Price was $1,745,291 (down by 14%); Average Sales Price was 95% of the original asking price.
Condos, Townhomes & Duplexes Sold
9 (no change); 27 Days on Market; Average Sales Price was $1,191,222 (up 21%); Average Sales Price was 96% of original asking price.
Overall sales volume of Encinitas home sales decreased substantially from December. This was due to a big drop in single family home sales since condo, townhome and duplex sales remained the same.
Looking back 1 year, 42% fewer single family homes sold in January 2023. However, the number of condos, townhomes and duplexes sold in January 2023 was just slightly less, 9 vs. 10 in 2022.
The average sales price for condos, townhomes and duplexes was substantially higher than last month, but was lower for single family homes. January sales prices ranged from $710,000 to $3,150,000.
Compared to January 2022, the average sales price was 15% lower for single family homes sold in 2023 (the median was 8% lower). In contrast, the average sales price for condos, townhomes and duplexes in January 2023 was 22% higher than 1 year ago (the median price was 2% lower).
The average time on the market was shorter for single family homes, and for condos, townhomes and duplexes compared to December. 37% of the homes went pending in 7 days or less, significantly more than in December. Clearly it’s still important for home buyers to be prepared to make buying decisions quickly!
The median sales price for detached single family homes was $1,675,000 (up 3%) and $926,000 (15% higher) for condos, townhomes and duplexes compared to December.
Plenty of buyers were able to negotiate their purchase prices, however 42% paid more than asking price (more than last month), no doubt due to competition. This is important to remember when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of January, the same as last month.
The inventory decreased again from last month with 49 listings at the end of January, compared to 52 in December. List prices range from $799,000 to $19,995,000. This is a 23 day supply for condos, townhomes and duplexes (down from 1.2 months last month), and 2.2 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 based on supply and demand.
41 Encinitas homes came on the market in January, compared to 16 new listings last month…good news for buyers. The number of homes going pending in January (excluding homes that actually closed) also increased with 19 pendings (up from 13).
I can share other details about the Encinitas housing market for Encinitas Ranch, Leucadia, and Olivenhain, and 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.
SEARCH FOR ENCINITAS HOMES FOR SALE
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in December 2022
Thanks for the compliment Myrl Jeffcoat