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Encinitas Market Report for March 2023
It’s essential that Encinitas sellers and buyers understand local market conditions, and the impact they have on buying and selling, so they can make educated decisions about Encinitas homes for sale.
Here’s what happened in the March 2023 Encinitas housing market, based on information 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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29 homes sold in Encinitas in March, 5 more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
21 (up by 5); 32 Average Days on Market; Average Sales Price was $3,022,847 (up 37%); Average Sales Price was 98% of the original asking price.
Condos, Townhomes & Duplexes Sold
8 (no change); 24 Days on Market; Average Sales Price was $921,375 (down 31%); Average Sales Price was 99% of original asking price.
Overall sales volume of Encinitas home sales increased from February. This was due to more single family home sales since the number of condo, townhome and duplex sales did not change.
Looking back 1 year, 49% fewer single family homes sold in March 2023. The number of condos, townhomes and duplexes sold in March 2023 was 47% lower than in 2022.
The average sales price for condos, townhomes and duplexes was lower than last month, but was higher for single family homes. March sales prices ranged from $750,000 to $9,090,000.
Compared to March 2022, the average sales price was 15% higher for single family homes sold in 2023 (the median was 24% higher). In contrast, the average sales price for condos, townhomes and duplexes in March 2023 was 25% lower than 1 year ago (the median price was 1% lower).
The average time on the market was shorter for single family homes, but 2 days longer for condos, townhomes and duplexes compared to February. 35% of the homes went pending in 7 days or less, more than last month. It remains important for home buyers to be prepared to make fairly quick buying decisions!
The median sales price for detached single family homes was $2,535,000 (up 29%) and $887,000 (3% lower) for condos, townhomes and duplexes compared to February.
Plenty of buyers negotiated their purchase prices, however 55% paid more than asking price (well more than last month), no doubt due to competition. This is important to remember when planning an offer strategy.
There was 1 home with an Active Under Contract status at the end of March, versus 2 last month.
The inventory declined from last month with 41 listings at the end of March, compared to 48 in February. List prices range from $710,000 to $17,995,000. This is a 22 day supply for condos, townhomes and duplexes (up from 17 days last month), and 1.9 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 remains a very strong sellers market based on supply and demand.
32 Encinitas homes came on the market in March, compared to 33 new listings last month. The number of homes going pending in March (excluding homes that actually closed) increased with 29 pendings (up from 25).
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.
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