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Encinitas Market Report for April 2023
It’s important that Encinitas sellers and buyers understand local market conditions, and how they affect buying and selling, in order to make educated decisions about Encinitas homes for sale.
Here’s what happened in the April 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 when this was written, but are not guaranteed.
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38 homes sold in Encinitas in April, 31% more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
29 (up 38%); 14 Average Days on Market; Average Sales Price was $2,220,191 (down 27%); Average Sales Price was 98% of the original asking price.
Condos, Townhomes & Duplexes Sold
8 (up by 1); 16 Days on Market; Average Sales Price was $984,065 (up 7%); Average Sales Price was 101% of original asking price.
Overall sales volume of Encinitas home sales increased from March. This was due to significantly more single family home sales but only 1 more condo, townhome and duplex sale.
Looking back 1 year, 31% fewer single family homes sold in April 2023. The number of condos, townhomes and duplexes sold in April 2023 was 40% lower than in 2022.
The average sales price for condos, townhomes and duplexes was up from last month, but was lower for single family homes. April sales prices ranged from $660,000 to $5,200,000.
Compared to April 2022, the average sales price was 12% lower for single family homes sold in 2023 (the median was 18% lower). Similarly, the average sales price for condos, townhomes and duplexes in April 2023 was 19% lower than 1 year ago, while the median price was 3% higher.
The average time on the market was shorter for single family homes, as well as for condos, townhomes and duplexes compared to March. 50% of the homes went pending in 7 days or less, more than last month. It’s still wise for home buyers to be ready to make fairly quick decisions about seeing homes and then making offers!
The median sales price for detached single family homes was $1,675,000 (down 34%) and $970,000 (9% higher) for condos, townhomes and duplexes compared to March.
While a number of buyers negotiated their purchase prices down from listing price, almost half (47%) paid more than asking price (fewer than last month). This is important to remember when planning your offer strategy.
There were no homes with an Active Under Contract status at the end of April, versus 1 last month.
The inventory rose modestly from last month with 45 listings at the end of April, compared to 41 in March. List prices range from $819,000 to $6,950,000. This is a 14 day supply for condos, townhomes and duplexes (down from 22 days last month), and 1.8 months for single family homes (down from 1.9 months last month). This is based on the rate of sales over the last 3 months.
Encinitas housing continues to be very strong sellers market based on supply and demand, especially for condos, townhomes and duplexes.
39 Encinitas homes came on the market in April, compared to 32 new listings last month. The number of homes going pending in April (excluding homes that actually closed) decreased with 25 pendings (down from 29).
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 to discuss your housing needs and plans. We can then create the right 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 March 2023
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