What’s the Value of my Encinitas Home?
Encinitas Market Report for February 2024
It’s important that Encinitas sellers and buyers have up-to-date information about local market conditions, and the effects they have on buying and selling, in order to make informed decisions about Encinitas homes for sale.
Here’s what happened in the February 2024 housing market in Encinitas, 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 report was written but are not guaranteed.
READ MORE:
Encinitas – An Eclectic Seaside Community
Leucadia- Surfers' Beach Community in Encinitas CA
33 homes sold in Encinitas in February, 3 more sales than last month. Here’s the breakdown of overall activity.
Single Family Homes Sold
21 (up 40%); 20 Average Days on Market; Average Sales Price was $2,275,619 (down 6%); Average Sales Price was 97% of the original asking price.
Condos, Townhomes & Duplexes Sold
12 (down by 3); 17 Days on Market; Average Sales Price was $1,221,666 (up 2%); Average Sales Price was 99% of original asking price.
Overall sales volume of Encinitas home sales increased slightly from January. There were more single family homes sold but 3 fewer condo, townhome and duplex sales.
Looking back 1 year more single family homes sold in February 2024 (21) than in 2023 (17). There were 4 more condos, townhomes and duplexes sold in February 2024 compared to 1 year ago.
The average sales price for condos, townhomes and duplexes was slightly higher than last month, but was modestly lower for single family homes. February sales prices ranged from $645,000 to $5,550,000.
Compared to February 2023, the average sales price was 5% higher for single family homes sold in 2024 (the median was 12% higher in 2024). In contrast, the average sales price for condos, townhomes and duplexes in February 2024 was 9% lower than 1 year ago, while the 2024 median was 3% lower than in 2023.
The average time on the market was shorter for single family homes, and for condos, townhomes and duplexes than in January. Almost half of the homes (48%) went pending in 7 days or less. As a result, it’s still important for buyers to be prepared to make quick decisions about touring homes and submitting offers!
The median sales price for detached single family homes was $2,120,000 (down 17% from last month). The median price for condos, townhomes and duplexes was $887,500, down 13% from January.
While many buyers negotiated their purchase prices down from asking price, over half (52%) paid list price or more. As a buyer this is important to remember when planning your offer strategy.
There was 1 home with an Active Under Contract status at the end of February, compared to none last month.
The inventory improved again, rising 34% from January, with 67 listings at the end of February. List prices range from $539,000 to $8,900,000. This is a 1.8 month supply for condos, townhomes and duplexes (down from 1.9 months last month), and 2.9 months for single family homes (up from 2.3 months from last month). This is based on the current supply and the rate of sales over the last 3 months.
Encinitas remains a very strong sellers’ market based on supply and demand.
44 Encinitas homes entered the market in February, compared to 41 new listings last month. The number of homes going pending in February (excluding homes that closed) dropped slightly, with 21 pendings (down from 24 in January).
I am happy to share more details about the Encinitas housing activity for Encinitas Ranch, Leucadia, and Olivenhain, and other areas that interest you.
I can also 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 and we’ll discuss your personal housing needs and plans. We can then create an effective strategy to reach your real estate goals, whether buying and/or selling.
SEARCH FOR ENCINITAS HOMES FOR SALE
READ MORE:
Encinitas Homes for Sale – What Happened in the Encinitas Real Estate Market in January 2024
Comments(6)