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Encinitas Market Report for May 2023
It’s essential that Encinitas sellers and buyers understand local market conditions, and how they can impact buying and selling, in order to make educated decisions about Encinitas homes for sale.
Here’s what happened in the May 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.
41 homes sold in Encinitas in May, 3 more than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
35 (up 21%); 24 Average Days on Market; Average Sales Price was $2,169,966 (down 2%); Average Sales Price was 98% of the original asking price.
Condos, Townhomes & Duplexes Sold
6 (down by 2); 6 Days on Market; Average Sales Price was $1,195,879 (up 22%); Average Sales Price was 101% of original asking price.
Overall sales volume of Encinitas home sales increased modestly from April. There were significantly more single family home sales but only 2 more condo, townhome and duplex sales.
Looking back 1 year, 9% fewer single family homes sold in May 2023. The number of condos, townhomes and duplexes sold in May 2023 was 40% lower than in 2022.
The average sales price for condos, townhomes and duplexes was up from last month, but was slightly lower for single family homes. May sales prices ranged from $595,000 to $4,100,000.
Compared to May 2022, the average sales price was 17% lower for single family homes sold in 2023 (the median was 18% lower). Similarly, the average sales price for condos, townhomes and duplexes in May 2023 was 23% lower than 1 year ago, while the median price was 21% lower.
The average time on the market was longer for single family homes, but shorter for condos, townhomes and duplexes compared to April. 41% of the homes went pending in 7 days or less, fewer than last month. It’s still smart for home buyers to be prepared for making quick decisions about seeing homes and making offers!
The median sales price for detached single family homes was $2,000,000 (up 19%) and $927,637 (4% lower) for condos, townhomes and duplexes compared to April.
While a number of buyers negotiated their purchase prices down from listing price, 51% paid more than asking price (more than last month). This is important to keep in mind when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of May, versus none last month.
The inventory remained steady with 45 listings at the end of May, the same as April. List prices range from $799,000 to $17,750,000. This is a 25 day supply for condos, townhomes and duplexes (up from 14 days last month), and 1.3 months for single family homes (down from 1.8 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.
41 Encinitas homes came on the market in May, compared to 39 new listings last month. The number of homes going pending in May (excluding homes that actually closed) increased with 30 pendings (up from 25).
I can share other details about the Encinitas housing market for Encinitas Ranch, Leucadia, and Olivenhain, and other areas 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.